Fingerprints have been used in check cashing for a long time. From the very basic – using ink to capture the customers fingerprint image on the back of the check; to the advanced – instantly identifying an individual by their fingerprint. But are biometrics necessary?
The Power of Biometrics
Here’s a short list of reasons why you might consider using biometrics in your check cashing business:
- Speeds Transactions. With fingerprint technology, customers don’t have to provide a driver’s license at each transaction; nor do clerks experience language barrier problems when attempting to identify an individual. The check casher simply places their finger on the fingerprint scanner; and their record immediately appears for the clerk. On busy paydays and Friday’s anything to keep the line moving quickly is a benefit for retailers.
- Minimizes Management Oversight. By combining the fingerprint with a complete check cashing history, and a few good store policies; clerks can be empowered to make some check cashing decisions; easing management oversight.
- Easy to Use. Customer’s like the ease of use; as well as the fact that they don’t have to constantly prove who they say they are.
- Government Compliance. Ensuring you know your customer can ultimately help your banking relationship. Having detail on your store’s customers will ease the bank’s burden to ‘know their customers’; keeping your banking relationship open and positive.
- Fights Fraud. Biometrics is a great deterrent for many would-be criminals. Some will see the device and immediately walk away. And once enrolled, a person cannot re-enroll. Thus a potential fraudster can’t go to other locations or return to the same store during another shift, with another driver’s license, to cash bad checks. In addition, having fingerprints as part of the check cashing individual’s record gives you some recourse should you need to pursue fund recovery.
For more on biometrics in check cashing, visit AllTrust Networks. And be sure to check out my next post; Biometrics: Identification vs. Verification!
Photo by bcymet
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