In the age of cashless checkouts, mobile wallets, and wearable payment devices, there might be a tendency to neglect some of the seemingly “antiquated” forms of payment, including good old-fashioned checks. Although many checks are submitted electronically in the form of an electronic funds transfer (EFT) or automated clearing house transfer (ACH), some people still prefer paper checks, especially when they can avoid convenience fees.
Payscout offers check protection and verification services that can complement your existing electronic payment processing system or accounts receivable collections software to ensure all of your financial operations are secure and accurate, whether you operate domestically or internationally.
Payscout services include:
Payscout offers a variety of check networks that allow you to evaluate the risk of a customer’s check. You can determine if the customer has any outstanding bad checks, a history of bounced checks, or any negative accounts. This service is often used by smaller retail institutions and comes with a small transaction fee.
For even greater security, Payscout offers a check guarantee service, even if the check initially bounces. You simply enter the check writer’s identifying information, and a third-party guarantee company will respond and inform you as to whether or not it will guarantee payment. If approved and the check bounces, you can send the check to the guarantee company and receive reimbursement.
Electronic Check Conversion
This service allows you to convert a paper check into an electronic transaction that is guaranteed as long as you follow required procedures. When you opt to convert a check to an electronic transfer, Payscout returns the paper copy to the original writer or they void the check and send it to the check processor. The funds are then deposited electronically into your checking account.
Electronic check conversion provides the highest level of protection against insufficient funds and can also eliminate trips to the bank as well as simplify the reconciliation process with your financial institution.
These services can help secure and streamline payment processing across sectors and even countries. For example, if you are expanding your business overseas, an electronic check conversion service is a secure way to verify that an account is open, valid, and in positive standing and streamline international payment processing options.
Check protection and verification has wide applications for the healthcare industry, too. Providers can easily enhance their existing healthcare payment processing and increase the efficiency of their accounts receivable operations. This service will help reduce the amount of time tracking down patients with bounced checks and also provide access to patients’ issuing financial institution.
Learn more about opportunities to enhance your existing payment system with check protection and verification options at www.payscout.com