Check Verification – What is it and How it Works
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by Elizabeth Murrow
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<font face="Arial, sans-serif"><font size="2">The
use of a check guarantee service makes it possible for a check to be
verified before it is accepted. This kind of service helps businesses
avoid the risk of collecting unreturned checks. With it comes the
need for check verification. </font></font>
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<font face="Arial, sans-serif"><font size="2">Check
verification is a process that enables checks and check writers to be
screened against a negative database of bad check writers. This is
done on a point-of-sale transaction when a check is used as payment.
Using a real-time internet process, negative databases are checked to
see if the new transaction is on the list. If the customer has a
history of bad checks, the transaction will be declined. If they are
not on the list, their transaction will be approved. It's that
simple. </font></font>
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<font face="Arial, sans-serif"><font size="2">Basically,
if your business offers customers the chance to pay in checks or
debit cards, it is essential that you have a verification service.
This is especially true to retail-type businesses that accepts checks
because you cannot afford to check losses. Having a check
verification system provides a lot of businesses. First off, you have
a higher chance of increasing sales by allowing merchants to accept
more checks with less risks. You can easily verify a check from
anywhere in the world. Likewise, you can process transactions
electronically 24/7. </font></font>
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<font face="Arial, sans-serif"><font size="2">Different
providers offer check verification in different ways. To get the best
deal in check verification, look for the biggest National Negative
Database possible. Make sure that it has a large following of
merchants in the region where you live. Also look for a Positive
Database. Most importantly, look for a verification system that has
excellent “Rule Sets” used to analyze different variables to
screen out risks. </font></font>
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<font face="Arial, sans-serif"><font size="2">Moreover,
depending on the provider who offers this service, verification fees
can range from one to another. Aside from those fees, there are also
other fees used for application, programming and so on. Check with
your provider about their rates and also the equipments needed like a
point of sale terminal or a check reader. The solution that you will
need will all depend on your business' needs and demands. </font></font>
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(<font face="Arial, sans-serif"><font size="2">Elizabeth
Murrow currently works for a payment processing solution company.
Being in the business for quite a long time now, she has been
continuously sharing her knowledge through various lectures and
blogging, including <a href="http://allaboutecheck.wordpress.com/">http://allaboutecheck.wordpress.com</a>
and http://www.echeckprocessing.biz. Born and raised in California,
Elizabeth now lives in Australia with her husband and two kids. She
likes to travel during her free time.)</font></font>
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