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WHAT IS ADULT CHECK VERIFICATION, HOW IT WORKS AND THE FEES INVOLVED

“Check Verification” is a procedure in which check writers and checks are screened against a database or “negative database” that contains “bad cheque writers”. The process is carried out at the POS or “Point of Sale”, when a cheque is presented by the customer for paying his bills. This procedure is carried on by utilizing a point of sale or POS terminal or a real time online process to access 1 of the many big negative databases, which contains bad check writers and bad checks, and compare this transaction against the black list. If the customer’s name is present in the black list, the transaction will not be accepted. If the customers name is not present in this negative database for bounced cheques, then the transaction is approved. Such verification transactions cost the merchant about $0.15 to $0.35 per check. There will also be an application or sign up fee and also includes a programming fee for the purpose of installing the service at the merchants POS or point of sale terminal. Some companies will also have a minimum monthly fee and also a statement fee, particularly when you are dealing with retail cheque processing accounts. A “point of sale” or POS terminal is necessary if you want to process retail hardware solutions. The cheque reader is an optional device, but you can also purchase virtual or online terminal solutions which are available in the market now, if your business requires such a facility.

If you want to accept debit cards and checks without the risk, a verification service is all that your business will need. If you sign up for Check guarantee service also, then you will unnecessarily be paying more than what is needed to avert the risk. Unless your business is making a large volume of sales every month which justifies the extra cost for signing up for a check guarantee service, you should stick with check verification.

“Cheque Verification with conversion” service not only verifies your check but also converts it in to electronic funds. It means that the check does not have to be deposited manually in the checking account; the money will get transferred electronically in to checking account, automatically.

Getting the best deal for check verification

  • Search for the biggest national negative database that is available in the market. There are less than ten firms which are really large.
  • The negative database should have the largest following of merchants around that geographic region.
  • A verification system which contains not only negative data, but also positive data will be more efficient and helpful for your purpose.
  • Search a verification system which has complex “rule sets”; these are small software programs which utilize the process of logically analyses to find and screen out undesirable risks.
  • Online reporting should be present
  • If possible get a verification system that has a check reader along with it so that the process is automated. Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.