Check cashing is pretty straightforward. A customer presents a check made out to him either from work or from a customer he wants cashed. He may or may not have a bank account or he may need the cash in hand more quickly than the bank can clear the funds. The check cashing business verifies his identification, gets the check endorsed and then gives the customer the cash less the transaction fee. However, while the steps to cashing a check are pretty basic, there are quite a few risks involved to the business owner. Fortunately, with the right check cashing business software, many of those risks could be eliminated giving the business more security.
Better Identification Process:
One way businesses benefit from the new software program is a better identification process. Some programs now include fingerprinting and are connected to the National Fingerprint Database to verify a customer's true identity. This can actually reduce the number of fake IDs being used to cash stolen checks. When the identification is submitted into the system, the business will get an instant alert that the identification is false or stolen. This can save a business quite a bit of money and time in trying to recover lost cash.
It also helps to stop repeat offenders who may be moving from one check cashing service to another. The instant checking account verification system means that you can verify over 200 million checking accounts and get their current status before the cash leaves your store. With features like these many check cashing business software programs can prove to be invaluable to their bottom line.
These software programs also come with many benefits to their service. By keeping a database of good customers, it makes it easy to identify those you want to come back. Businesses can now keep on file the customer's photo, driver's license information, any special notes about them, and their check cashing history so that you can verify it all within just a matter of seconds. This makes it possible to have fast service so your customers will continue to return for repeat business again and again.
It can also save the need for the manager to get involved in transactions. Employees will be able to cash checks without the need of getting extra approvals for certain accounts. They will be able to easily verify the customer's identity, and get alerts to any unusual activity that may appear on the account without having to get the extra layer of protection.
All in all, the new check cashing business software is one of the best things to happen to the check cashing industry. Not only will businesses be more secure, their employees will be much more confident when performing each of the transactions and managers will be free to handle other aspects of the business rather than be available for constant approvals of many transactions. The customers will be happy with the faster and more secure service and everyone will gain from being part of the check cashing business.