Title: What Does the Future Hold for Check Payments?
Summary: Despite the decline in the use of checks, most companies still use it to pay bills. Know how secure check USA can help expedite the process.
Over the last few years, check payments has been losing ground in the United States. Still, it is not going to become obsolete for several years down the line.
While the decline in the check payment is neither surprising nor breaking news to most people, majority of them are still curious enough to know more about it. In this connection, a pertinent question is what can one expect from the paper check in future?
Checks are in use till date in the following ways:
Though there has been a decline in the use of checks as the mode of payment between a consumer and a company, it is still popular between businesses. Most companies still prefer to pay their bills by a paper check.
With the approval of Check 21 legislation, emerged a new technology – electronic processing of the check payments. Due to this technological transition, checks have come up in direct competition with other options for electronic payment.
Check payment is here to stay
If necessity and processing innovations are anything to go by, the practice of making payments by check is not going away anytime soon and notwithstanding the way a check processing takes place on the back end. In order to conform to the criteria laid down by the regulators and industry standards, it is of paramount importance to ensure that a check printing solution of a good quality is used for printing checks.
For the sake of avoiding the check fraud, fees and risks associated with displaying of your account number, businesses should lay emphasis in implementing a secure check solution pertaining to check printing – a solution that masks the bank account number.
A secure check printing solution offers the following benefits:
If a secure check is your preferred choice for paying your business bills or if you are desirous of exploring the possibilities of using secure check USA for your company, contact QCheque Inc. now!
Tagline - How to ensure that your payment process is secure
DESCRIPTION - Although old and considered outdated by some, check payments have still maintained a preferred position among large businesses and individual consumers. But with the rise in fraudulent activities, this particular method of transaction remains at risk of financial frauds. Read on to find out how you can ensure that your payment is safe and secure.
Contrary to popular belief, the traditional method of check payments continues to be popular among many. One of the oldest methods of financial transaction, checks have gone through numerous updates, but with speedy digitization of processes and the availability of more secure methods, in today’s day and age, traditional paper check payments stand at a higher risk of frauds especially in the USA where even cyber crimes and online identity thefts are on the rise.
The perils of check payment
The many ways banking information can be misused
What’s a safer alternative?
Despite all the aforementioned concerns that pose a threat to check payments, even in today’s digital world, checks prove to be a feasible form of transaction. Not only is it practical to issue paper checks for larger payments, it also provides consumers with options like post-dated checks which allow some flexibility in payments and easier cancellation of checks which is not possible in case of cards.
It is hence recommended, that even if you opt to go for check payments, considering its many benefits, pay heed to the said risks and ensure your account’s safety against financial frauds.
AI helps US in the fight against check frauds
DESCRIPTION - Financial frauds continue to be a concern of global magnitude, but US seems to be facing the highest amount of risk and therefore, institutions are stepping towards technological advancements to curb the issue.
As the world goes on towards becoming incredibly interconnected, there are also drawbacks that inadvertently become a part of the bigger picture, one of them being, rise in the risk of frauds. With growing connectivity and flourishing businesses across the world, financial transactions are on the rise which are only increasing the risk of financial frauds. Although the same is a rising concern for nations across the world, the issue is hitting US the hardest. It has been cited in the recent past that a massive section of consumers have been victims of fraud.
In 2017 alone, there was a loss of more than $770 million owing to check frauds and US witnessed the third-highest fraud rate worldwide. In order to avoid situations like these in the future, banks are making risk management their top priority and that is where technology comes into play. Along with security, competitiveness is also becoming a factor as more and more Deposit Money Banks are adopting safer methods and moving towards Artificial Intelligence.
Taking long-term consequences and consumer retention into consideration, apart from financial institutions, even regulatory bodies are adopting technological processes to ensure security. The application of AI not only assists in an easier analysis of suspicious transactions thereby avoiding any false positives which may occur when analysed manually, it also streamlines processes, allowing supervisors to narrow down their focus at high-risk financial exchanges.
Another common concern that’s affected a large consumer base in the USA is check privacy and security. Although traditional check processing is a thing of the past, electronic fund transfer has enabled the clearance of checks within a day’s time which has resulted in some section of consumers still relying on the old-fashioned method.
Enter QCheque, an innovative solution to check frauds. QCheque pairs traditional paper checks with technology to ensure safety and security of the account holder and simplifying the processes for banks. On one hand, paper checks showcase the account number which can be easily used for fraudulent activities, on the other hand, QCheque masks the number with an encrypted QR code which results in secure transactions. Where banks are opting for QCheque to increase retention and revenue by enhancing security measures, consumers are also willing to upgrade to the same as it does not reveal the account number and gives them a sense of safety. This stands as another marvellous example of how technology is proving to be of great help as far as curbing the issue of financial frauds is concerned. As more and more institutions are taking up strong measures and updating their processes to level up with technological advances, consumers must also increase their awareness about such methods in order to strengthen financial security.
THINGS TO CHECK BEFORE YOU MAKE ONLINE BILL PAYMENT OR WRITE A CHECK
DESCRIPTION - Check writing has been the most preferred payment method for years now. However, being a relatively traditional process, check transactions have more possibilities of errors and therefore it is essential to be more aware about the ways of processing and what to do in case of errors. Read on to know more.
As the trend of digitization takes over our lives, in this day and age, exchanging paper checks does seem like a thing from an era gone by. It’s interesting to note, that paper checks have indeed made their way into the contemporary times and seems like they are here to stay.
With the speeding up of processes and the initiation of Electronic Funds Transfer, check processing, contrary to popular belief, continues to be the preferred payment method among many.
However, the increase in cases of financial frauds across the globe and especially in the states poses a severe threat to check security and privacy in the USA.
It is therefore necessary to be aware of the fundamentals of check processing in order to avoid the occurrence of errors and keep a check on any suspicious activities.
THE 3 WAYS YOU CAN WRITE A CHECK:
HANDLING PROCESSING ERRORS: