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What is Check Kiting? This refers to the purposeful issuing of a check wherein there is not an adequate amount to settle the designated amount. Some of the mechanisms of this fraud strategy include: Issuing a check for which there isn’t enough money in the account of the payer. Depositing the forged check in a […]
Business owners can often feel intimidated by tax forms and the 1099 form is no exception. Often, business owners are left puzzled as to the changes to the rules and regulations, so they tend to not bother filing them. As this can lead to a lot of costly penalties, it can be a serious problem […]
As a small business owner, one wants to maintain a competitive edge while keeping up with current advances in technology. Thus, it is imperative to provide customers with a plethora of ways to pay for their purchases. Some may find it hard to fully comprehend the differences between paper checks and eChecks. To help clear […]
Accounts payable is defined as a liability to a creditor. It can be carried on an open account that is usually used for the purchase of goods and services. When a company opts to buy goods and services on credit, it is called an account. You might know it by the name of credit. Whoever […]
Making payments electronically is one of technology’s future gifts we can enjoy in the present day. In fact, most people already utilize electronic payment systems without knowing it. Gym memberships, for example, are often referred to as automated payments but really, they’re fulfilled via electronic checks. While eChecks are easy to use and understand, there’s […]
Just like you have nine digits assigned to your identity, your bank account has nine digits to identify it and cement its association with you. This unique numerical string is known as your routing number. While routing numbers are typically undiscussed outside of sending and receiving money to your bank account, they have quite the […]
The establishment of the Clearing for the 21st Century Act, widely known as Check 21 Act has, as we have previously noted, summoned a variety of conveniences in America’s everyday money-moving. The very process of banking institutions’ mutual check clearing started relying significantly on electronic, as opposed to standard, physical check copies. However, this method […]
Can you fax a check? Yes! In fact, one of the most common ways today to send a check is by fax, and it is an excellent option for secure delivery to a check recipient. In fact, sending and receiving checks by fax is one of the most preferred ways for companies to accept payments. […]
Check-related frauds have been around since the inception of using checks for extending funds. Many individuals, businesses, and companies experienced fraudulent behavior such as check kiting and other forms of scams; because of this, most banking institutions’ Cash Management departments offer Positive Pay System. This automated tool’s main purpose is fraud detection and prevention. Knowing […]
There are no doubts: it is very challenging to lead any sort of business, no matter its size and influence. Several factors, including not circulating the same amounts of money as large businesses, understaffing and having multiple types of work at a single job position can turn an otherwise exciting and fulfilling experience of being […]
