Evaluation Criteria for Check Processing
Check processing services offer businesses flexibility by allowing them to efficiently accept checks without the need of visiting a bank on a daily basis or taking extra precautions. While the systems for accepting checks differs from service provider to service provider, each service allows for businesses to accept checks offered by banks around the United States from their customers.
We have identified five key areas which we use to evaluate check processing services:
The reliability of the service is measured by determine how quick and efficient the payment processing service is for accepting checks. If the system allows for checks to be lost or damaged, the service cannot be reliable for vendors.
Payment security is an important aspect of payment processing. What methods of verification do the payment processors require for accepting checks? What steps does the vendor take in verifying the authenticity of the checks being accepted?
Automation is measured in the ease of use and the lack of hands-on for check processing that is utilized by the customer. Does each check have to be scanned in or otherwise copied, or are there automated processes that lesson the work for the customer?
The volume of transactions which can be handled from a single vendor is also evaluated. Can the payment processor handle thousands of transactions a day, or are there limitations that may slow down or halt the payment process?
With check processing services, we also evaluate the delay in service that is found. By measuring the amount of time it takes to process the check and for money to reach the vendor, we are able to accurately measure the delay in service.
- How did you find your current payment processor?
- What other payment processors, if any, have you used?
- How many transactions do you process per month?
- What would be three things you would change about your experience?
- Rate your overall experience (1-10; 10 being the highest).
- Why did you select your particular check processor?
- What is the service provider's method of processing check payments?
- How long does it take the processor to get the processed payment into your bank account?
- How many check payments do you accept per month?
- Do you utilize any other services from the vendor? If so, how does the check processing service compare to the other services?