Is the check over the phone secure?
Electronic check processing software allows a business to quickly and easily accept check payments over the phone. Today, many companies are taking advantage of this check processing technology. Check by phone is an inexpensive and secure non-cash method of payment. Taking checks online over the phone requires no signature, discount fees, chargebacks or leases. Don’t worry about overdue or overdue credit cards.
Now verifying payments is as easy as paying with a credit card, only verifying customer details is required. Many companies use check production software to streamline the checkout process. All a business needs to get started is a computer, Internet access, a printer, and inventory control. You can generate checks 24 hours a day and 365 days a year. The information you need to generate these checks is similar to that required for the physical check. In this, the client provides the information related to the account, name, address, check number, etc. over the phone. This information is then placed into the system’s check processing software. The check is then generated with the help of a laser or inkjet printer that uses magnetic ink. This check is now ready to present at the bank.
Traditionally, one had to wait for the paper check to arrive, which was a risky and expensive process. But verifying by phone is a fast and secure process for the following reasons:
1. The number of returned checks and bank fees have been reduced.
2. There is a quick account verification. Companies learn in real time whether funds are available or not.
3. Reduce transaction costs and streamline your ordering process.
4. There are no more checks in the mail. Bill payments and past due payments are collected over the phone.
5. Accepting the check over the phone will immediately increase your sales and collections by offering an additional payment option to your customer. Nearly 75% of Americans don’t have a credit card, so even those people can do business online.
6. There is improvement in Cash Flow. Funds can be received within 48 hours.
7. There is a greater market opportunity due to faster order processing.
8. A convenient form is provided to the customer. All expired accounts can be updated.
Check received over the phone is considered secure because all converted checks are verified, usually at no additional charge. However, if you use a check guarantee program in conjunction with your electronic check service, you’ll be better off.
