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Are There Risks In Accepting A Personal Check?


Personal checks are a less often used and outdated form of payment, and if you are running, or just starting to run a business, you may be wondering if you should accept personal checks. Personal checks do come with some risk, but you may be able to protect yourself as a business owner. Here is a bit more information on the subject:

What is a Personal Check? A personal check is one written in the person’s name. This would be coming from the checkbooks that an individual receives with a bank account. These checks are linked directly to the account, and many individuals still employ personal checks to pay for things like rent or bills.

Personal Check

What are the Risks? Since a personal check draws on the money from the individual’s account, it works a bit like a debit card. The check is written and then cashed by the merchant and transferred to the merchant account solutions by the bank. However, while debit transactions are swift, cashing a personal check can take up to fourteen days. If an individual does not have sufficient money in an account, or if the account is closed, the check may bounce. Checks can also be counterfeit or fraudulent.

How to Protect Yourself: If you want to accept personal checks, you should make it a policy to check at least one form of identification. Make sure that the check looks valid and that the name matches the one on the ID. It is also a good idea to sign up for check guarantee service with your credit card processing company- which will protect you from bounced checks.

Credit Processing Machine

A processing company’s check guarantee policy is definitely one of the things that you should be looking at when shopping for point of sale terminal. This will help you handle check, debit and credit transactions. If you are looking for an easy and secure way to handle all of your business transactions. I suggest looking into the Clover Point of Sale cash management system. This system lets you not only make payments, but also track inventory, run reports, and even manage time sheets. This device is a one stop shop for all your retail store needs.


Ram Kumar blogs at DeviceBowl. He is a graduate in Computer Science and Engineering. Addicted to Blogging and Coding.

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