Losing time and revenue to bad transactions is one of the most frustrating aspects of running a retail jewelry business. Thankfully, there are measures you can take to protect your business. For instance, have you ever been shopping and seen someone write a check only to have the cashier run it through a machine and hand it back to the customer? Have you wondered how exactly that works and what benefits it has to the business owner? Jewelers, large and small, can utilize check guarantee and conversion services and take other simple steps to avoid bad checks and fraud.
Matthew Focht, president of Tru, a consulting firm that specializes in payment processing, provides tips on using conversion services and protecting your business from bad checks:
- Check guarantee and conversion services allow you to:
- Avoid making daily trips to the bank to deposit your checks and avoid bad checks, saving time and money.
- Easily run checks thru a terminal. If the check is declined, you can ask for an alternative form of payment. If the check is approved, you simply hand it back to the customer and the check is automatically deposited into your account and your money is guaranteed.
- Confidently take checks from anywhere in the United States.
- Protect your business from fraud and bounced checks by:
- Always requesting identification when accepting credit cards in person to ensure the signatures and photo match.
- When taking payments over the phone and mailing items out of state, take advantage of additional services offered by your shipping company to validate the recipient’s drivers license upon delivery.
- Using inexpensive counterfeit detection systems when accepting cash to identify security strips, watermarks, and magnetic ink.
Take The Tip:
Members of Jewelers of America can receive a free check conversion terminal (a $900 value) and the guaranteed lowest rates on check conversion and credit card processing services, through JA's partner Tru.
- Click here for more information.
- Or contact Michael Lepore, JA’s dedicated Tru consultant, at mlepore@itstru.com or 877-878-1777.
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