New Technology to Eliminate Check Fraud
For check cashing businesses there is great new technology to stop thieves in their tracks. There is a payroll check cashing system available that scans a person's fingerprint to identify them and serve them quickly and confidently.
This way of protection eliminates fraud; it tracks check cashing history and improves business.
With the fingerprint scanning it detects repeat offenders no matter whose check they are trying to cash and it keeps them from cashing another stolen check.
It tracks customer history to determine who an offender was and to catch them in the act a second time. It includes a photo, contact information and their check cashing history. After the fingerprint scan the clerk can then view the history.
What are all the benefits to this technology?
- This helps businesses gain repeat business as their customers feel safe and secure using them for check cashing. Honest customers have no problem with the fingerprint scan and are happy to help and refer others.
- The speed of handling transactions is increased. There is less need to call banks or check IDS for verification.
- Profits are increased for check cashing businesses and with those profits usually come better rates and cheaper services.
- The need for manager involvement is decreased. Your checks are cashed with confidence and ease without final approval. The customers identity is checked within the system and any prior unusual activity will have been noted on the system.
- More ease of check cashing. The clerk runs the fingerprints and checks the system. They then will tell the customer if they are approved for cashing or declined.
How does it work?
1. The customer places their finger on the scanner.About the Author:
2. The information and picture appear on the screen.
3. The check is run through the check reader to record check information.
4. The customers check cashing history appears on the screen along with the recommendation on accepting the check.
5. The clerk enters the check amount and fees are automatically calculated.
This is a great asset to the check cashing industry as this is not a form of ID that can be lost, stolen or faked. Businesses know who their customers are and can cash their checks with ease and assurance.
There is a fee table that a company can customize or clerks can override this during a transaction if needed.
Chains of stores can use this to share with all the rest of their locations. It stays private within the network. This data can also be shared nationwide. There is a secure database that shares bad check activity with all payroll check cashing system merchants.
Other merchants are notified if someone is attempting to cash another bad check or if they have outstanding items with any other check cashing merchant.
There is also notification when a customer is trying to cash unusually high amounts of checks within a short period of time to indicate possible fraud.
There are reports that are generated to provide merchants with the photo and other information related to that customer.
With this new technology, those that cash checks at these businesses can do so confidently and those that have had checks stolen in the past will know that if someone tries to cash their checks at one of the locations that have this software, that the thief will be stopped.
This is a great resource not only to check cashing businesses but to consumers as well. Cash responsibly.
Michael New Jr. is an authority in the financial industry. He has written hundreds of articles relating to consumer services and Utah Check Cashing.
Michael New Jr.
Article Source: ArticlesBase.com - New Technology to Eliminate Check Fraud