If you accept checks as a form of payment from your customers, make sure you look for some simple things that can help you avoid bad or NSF checks, and fees. Some things to keep an eye out for are:
- Name address and phone number imprinted.
- Current date only.
- Compare ID picture with that of the person cashing or writing the check.
- Make sure signature matches ID signature.
- Make sure phone number is a working phone.
- Ask for street address — no Post office boxes.
Some things to keep in mind and let your employees know BEFORE they start accepting checks is to look for those items above but to also look out for the following:
- Don't let the check writer rush you.
- Don't take any check or person for granted, ALWAYS obtain proper ID.
- Don't accept prewritten personal checks. At least the signature should be written in your presence.
- Don't accept unsigned checks.
- Don't accept starter checks.
- Don't accept two party checks.
» 50% of checks written are Consumer to Business from BizCreditPolicy
The Federal Reserve's 2007 study of what makes up the check market shows that nearly 50% of checks that are written are consumer to business checks.According to the Federal Reserve the highest percentage of check writers are consumers at 58%... [Read More]
Tracked on: April 10, 2008 9:45 PM | Permalink to Trackback