In your line of work, you move cars fast at auction. Just as fast, money changes hands, sometimes in the form of checks and other kinds of payment. There are several approaches you can take to ensure the security of your financial transactions.
Many car dealers at auction are strict about cash-only transactions. There are clearly no flaws in this payment method. However, many buyers may not have the cash on hand. The inability to pay in cash may lead your buyers elsewhere.
Credit cards are a safe and easy way to purchase used vehicles. The seller unfortunately must take a hit on the cost of the transaction, as most credit card companies charge a fee. If you are willing to waive this fee or add it on to the purchaser’s price, then a credit card reader attached to a smartphone is essential equipment for any dealer at auction.
Cashing checks is the least secure method of payment. Checks can bounce. However, some dealers use high security business checks. These checks use more than 25 security features to prevent fraudulent transactions. It is hard to imagine a small piece of paper can contain so many high security benefits.
High security laser checks, like the ones offered by Deluxe for Business, include chemical reactive paper that reveals signs of tampering. A colored pantograph background can also reveal that the document is not authentic. Also foil holograms, which are three-dimensional graphics embedded in the check paper stock provide additional protection against duplication.
Other features include:
- A secure document check face that makes document replication extremely difficult for a forger
- A security screen backer means that the words that appear on the check indicating an original document will fade or completely disappear if the check has been copied or scanned
- Toner adhesion technology is a special level of added security that prevents the toner from being removed without damaging the check paper.
- There is also a warning box on the back of the check that calls out the complete and extensive list of security features, advising the recipient to validate these features before cashing.
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