The process of accepting check by fax is becoming very popular nowadays. Any business whether small or big can be benefited from taking check by fax since this is the most economical and the fastest method of receiving the payments. Transferring checks by fax is a lawful process and regulated by the Federal Trade Commission. You have an actual picture of the check while receiving it from the fax. There is no confusion about routing number, the account number or even the check number.
Information is just taken from the face of the check and put in computer. A paper trial is created which act as an authentic proof of authorization when you receive check through fax. More over it reduces error which may arise while reading the number of check. You just need a computer, fax machine, check by fax software, magnetic ink or LaserJet printer and a secure paper. Check is received from fax for either business or personal use. There are various software's designed for personal or professional use available in the market which are used to produce check.
When check by fax is obtained from the customer, then with the help of the special software for producing check the information like client name and/or company name and address that is printed on the check, the check number, 9 digit routing number along with the account number is simply entered into the software. Then with the help of laser or ink jet printer a draft of the check is created, with no signature required on it. But there should be a written or verbal authorization from the customer. You can now deposit the check in bank on the same day.
There are various benefits of this method:
1. Expenditure is reduced and ordering process of any business is increased. Sales are increased by making purchases more convenient for customers and clients. 2. Transactions are made quick, easy people who does not have credit card can also do online business.
Recently service bureaus have been responsible for check drafting, now any business can do it with no set-up fees, monthly fees, per-check fees or printing charges. Federal banking regulations and the Uniform Commercial Code permit the process of check drafting.
Information is just taken from the face of the check and put in computer. A paper trial is created which act as an authentic proof of authorization when you receive check through fax. More over it reduces error which may arise while reading the number of check. You just need a computer, fax machine, check by fax software, magnetic ink or LaserJet printer and a secure paper. Check is received from fax for either business or personal use. There are various software's designed for personal or professional use available in the market which are used to produce check.
When check by fax is obtained from the customer, then with the help of the special software for producing check the information like client name and/or company name and address that is printed on the check, the check number, 9 digit routing number along with the account number is simply entered into the software. Then with the help of laser or ink jet printer a draft of the check is created, with no signature required on it. But there should be a written or verbal authorization from the customer. You can now deposit the check in bank on the same day.
There are various benefits of this method:
1. Expenditure is reduced and ordering process of any business is increased. Sales are increased by making purchases more convenient for customers and clients. 2. Transactions are made quick, easy people who does not have credit card can also do online business.
Recently service bureaus have been responsible for check drafting, now any business can do it with no set-up fees, monthly fees, per-check fees or printing charges. Federal banking regulations and the Uniform Commercial Code permit the process of check drafting.
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