| If you keep the following four points in mind when | | | | You should also be aware of check verification tools - |
| reviewing possible financial services software solutions | | | | some software integrates with check verification |
| for your business; you will be well on your way to a | | | | databases (including bank databases); and can alert |
| successful business venture. Good luck! | | | | you in advance of completing a check cashing |
| How does it help you to 'know your customer'? | | | | transaction if a check is high, medium or low risk. |
| Quickly and accurately identifying customers is critical. | | | | How does it ensure compliance? |
| Customer verification is essential for fraud prevention. | | | | Government compliance has become a necessary evil |
| Choose a solution that captures and tracks the critical | | | | - you must stay in compliance to stay in business. |
| customer information, so you can find them if there is | | | | Software should help to ease your compliance burden. |
| a problem with their transaction (and hopefully get | | | | New capabilities enable auto-populating data records |
| reimbursed). You ONLY have potential recourse on | | | | into government reports; pop-up reminder windows; |
| returned checks when you are confident that you | | | | electronic reporting; and record keeping really help to |
| know your customer and have their information. | | | | meet federal reporting requirements. And offer easy |
| A great way to capture; access and maintain this | | | | access to historical data should you get audited. |
| consumer information is via biometrics. At enrollment | | | | In addition, banks are very risk averse, and have strict |
| customer can provide ID, scan their finger; and get | | | | mandates that they "know their customers" for |
| picture taken. Then on subsequent transactions, they | | | | compliance purposes. If you can provide proof of your |
| identify themselves by placing their finger of a finger | | | | record keeping and maintain this information it will go a |
| scanner. This speeds the transaction time; and | | | | long way with your bank and ultimately your own |
| minimizes language barriers. | | | | compliance management. The federal government |
| Note: When investigating biometric solutions, look for | | | | (and many states) requires you maintain records for 5 |
| systems that offer one-to-many matching; which | | | | years! Make sure you're doing this. |
| offers greater fraud protection and better identification | | | | How can you maintain happy / loyal customers? |
| accuracy than one-to-one (1-N) matching. | | | | The customer experience in an alternate financial |
| Can the built-in tools help you manage your risk? | | | | services situation is not always great. Search twitter |
| Just knowing your customer is a step in the right | | | | for "check cashing" and you'll get an earful! So, why |
| direction to managing your risks; however having some | | | | not make it easier for them. |
| additional tools can also help. Servicing the alternate | | | | Keeping customer records that are easily accessible |
| financial services market has its inherent risks; from | | | | will ensure that you are informed of the customer's |
| check fraud on up to robbery. While bullet proof glass | | | | transaction history; and can quickly make informed |
| will go a long way on the robbery front; biometric and | | | | decisions. Then you'll really be offering convenient, fast, |
| verification tools can help with fraud. | | | | hassle-free service that's worth the premium. |
| Some software companies providing integrated | | | | They'll be happier; and will in-turn tell their friends; about |
| biometric systems can offer shared negative data - | | | | your business. What better way than word of mouth |
| where a consumer with negative transaction history | | | | to grow your business. |
| would be declined in advance of the transaction | | | | |