If I have a check guarantee service, will I need to still bring checks to my bank? A:There are different kinds of guarantee services. With the most popular service, called, “electronic check acceptance”, or “check conversion”, you do not need to bring checks to the bank as the funds are deposited electronically.
When will I see my money? A:Usually, it takes two to three business days.
How often is a check declined? A:A very small percentage of checks are ever declined. Those that are declined would likely have bounced anyway.
If a check is declined, can I take the check anyway? A:Yes you can. Perhaps you know a customer well, and although he may be writing bad checks to others, you feel safe that he won’t write you one. Of course it won’t be guaranteed.
Do I need special equipment? A:You will want to have a check imager, but that is included in our FREE check imager program.
How can I determine if my business is a good candidate for a check protection service? A:The truth is that we do not recommend check guarantee for most businesses, but for some it is a great service. Of course, it is a personal decision, especially because one important aspect of check guarantee, is just the peace of mind it gives you. Some considerations are 1) do you take many checks? 2) do you not take checks, but would if you had the protection? 3) Are customers wanting you to accept checks? 4) How many bad checks are you getting? 5) Remember that you are going to pay over 1% for check guarantee, and if less than 1% of your checks are bad, it may not be worth it.
FAQ – Check Guarantee
Check Guarantee FAQ
Questions and Answers
A: There are different kinds of guarantee services. With the most popular service, called, “electronic check acceptance”, or “check conversion”, you do not need to bring checks to the bank as the funds are deposited electronically.
A: Usually, it takes two to three business days.
A: A very small percentage of checks are ever declined. Those that are declined would likely have bounced anyway.
A: Yes you can. Perhaps you know a customer well, and although he may be writing bad checks to others, you feel safe that he won’t write you one. Of course it won’t be guaranteed.
A: You will want to have a check imager, but that is included in our FREE check imager program.
A: The truth is that we do not recommend check guarantee for most businesses, but for some it is a great service. Of course, it is a personal decision, especially because one important aspect of check guarantee, is just the peace of mind it gives you. Some considerations are 1) do you take many checks? 2) do you not take checks, but would if you had the protection? 3) Are customers wanting you to accept checks? 4) How many bad checks are you getting? 5) Remember that you are going to pay over 1% for check guarantee, and if less than 1% of your checks are bad, it may not be worth it.
For information call: 1-888-737-8433