Does your business use checks as a regular part of operations? Even with so many payment choices, most businesses still send and receive checks on a regular basis. If this includes your company, proper security procedures are needed to help prevent any misuse or fraud with those checks. To help you protect your business, follow these five key tips.
1. Use Dual Signatures. Most business checks can be set up to require two signatures in order to be valid. While this may seem inconvenient, it ensures that no one individual with access to checks can take advantage of your company. These two individuals should ideally either be management or from different departments to provide a natural "check and balance" element.
2. Cash at Specified Locations. Look for reliable, reputable business check cashing locations and stick with these. Avoid fly-by-night operations or anything that provides business check services as only an afterthought to their main business. These companies may not provide the safety your checks deserve or the proper procedures to keep checks confidential. Instruct employees to use only these approved locations.
3. Balance Bank Statements. Balance your business bank statements quickly and consistently. Verifying all checks that have cleared your account against the books you keep will ensure that no fraudulent or suspicious checks slip past. While some fraudulent checks are caught at the bank level, automated systems mean that not every questionable check will be noticed before it gets to you.
4. Get to Know People. Take the time to be friendly with those who cash your business checks. Visit their establishment regularly so they get to know you. Why? One line of defense against check fraud is the people who work with your checks. If they know that you always bring in your checks on Friday afternoon, they will be alerted if someone else tries to cash those checks on a Tuesday morning, for instance.
5. Destroy Old Documents. Don't let old checks and related paperwork linger in your company's possession. Any time unused documents, statements, checks, forms, and deposits are left lying around, they are a potential source material for fraudulent use. A thief could, for example, re-purpose a year-old check with today's date and a new recipient and then cash it at an automated machine. Destroy that check according to a specific purge schedule and deny fraudsters the opportunity.
Want more tips to keep the company safe from misuse of bank information or checks? Talk with a professional check cashing provider today. Then you can keep up with your business needs with the peace of mind that you've protected it from harm.
To learn more, contact a resource like Check Pros Financial Services.