CHECKS BY PHONE
Accepting a check has
has 2 purposes:
2) To enable you to accept checks by phone, fax, or e-mail, from anyone, anywhere so that you or your business can receive payment immediately, even from those without a credit card. The main data entry screen shows you all of the data you need to collect when accepting a check by phone.
Some people think you need a special magnetic ink toner cartridge (costing about $200). That just isn't so. Many banks use OCR equipment now and even those who don't will probably be able to read your checks since all laser toner is magnetic anyway.
Some people think you need a business checking account to deposit checks received by phone or fax. If the check is made out to you, that also isn't true. These checks are legal as long as you keep the fax or record the phone conversation - and even that shouldn't be necessary if your dealings are honest and you have little reason to expect anyone to dishonor the check they faxed or phoned to you. Simply deposit them as you would any other check. If you are nervous about doing this, as I was when I first started depositing these checks in a personal checking account, you may want to start out as I did using the night depository so the teller will not get a chance to ask questions. Some tellers simply have not seen this type of check before, but that is getting more and more uncommon.