How to set up your Risk Management Policies?
EmagineNET QuickCheck takes an extra layer with state-of-the-art policies that can warn you or delimit you from cashing a risky check. These policies are designed to help you stay on top of your check cashing business and only cash checks that you find acceptable.
Verifying a check can be easy but knowing if it’s okay to cash it or not can be hard to keep track of, this is where the risk management policies play an important role in your day to day check cashing operations. To learn the meaning and purpose of each one of these policies you can follow the next steps to get to them, make sure you set them according to your needs, your market, your customer base and how liberal or conservative you want to be when cashing a check for new and known companies and customers.
- Open EmagineNET QuickCheck (skip if already open)
- Select the Administration menu option
- Click on Risk Management Policies
There are two sets of policies; your Warning Policies and Delimiting Policies.
To access your warning policies, click on the Warning Policies tab under the Risk Management Policies window. Your warning policies simply alert you if something is wrong, if something has exceeded a limit or if you need to be careful on a certain transaction, you can overpass these warnings by clicking YES, this states you acknowledge the warning and wish to continue to the next step. If you wish to not continue to the next step, you can click on NO and you’ll be unable to move to the next step.
Some of these warning policies are:
Allow a duplicate check number for a company: It is recommended to not allow it unless you accept checks from payroll companies like ADP that use the same routing, account and check number for multiple companies.
New company duration warning: This is an alert that tells you to be careful before you cash more than one check for a company that was recently added to your system. You can set the number of days for this warning.
New customer duration warning: This is an alert that tells you to be careful before you cash more than one check for a customer that was recently added to your system. You can set the number of days for this warning.
Repeated customer warning duration: This is a warning policy that tells you to be careful before you cash another check for a customer that recently came in to cash a check a few days ago. You can set the number of days for this warning.
Consider a company infrequent if no checks have been cashed in last: This policy tells you when to consider a company infrequent if they have not had any activity in the last few days. This is helpful to reprocess the verification steps in case they return after X amount of days. You can set the number of days for this warning.
Consider a customer infrequent if no checks have been cashed in last: This policy tells you when to consider a customer infrequent if they have not had any activity in the last few days. This is helpful to reprocess the verification steps in case they return after X amount of days. You can set the number of days for this warning.
*Note: Make sure to activate these policies by marking Yes under “is policy active”
After successfully setting up the policies with the desired limits, click OK on the bottom right to apply changes. If you exceed any limits during a transaction and wish to change them, make sure you come back to the Risk Management Policies to make any changes
To access your delimiting policies, click on the Delimiting Policies tab under the Risk Management Policies window. Your delimiting policies can prevent you from cashing too many checks for a new or known company or customer, even stop you from cashing checks after a certain amount or check exceeding a certain percentage increase. Once these policies exceed, you cannot move on to the next step. These policies are designed to help you stop fraud and help you prevent cashing way too many checks even from your repeated customer, in the event you want to play a conservative role. Before you set any limits, ensure you enable these policies by clicking on Yes under “Enable all delimiting policies”.
Some of these delimiting policies are:
Mature Company Policies: These are policies designed for existing companies that have cashed more than X checks after X amount of days set by your in the Warning Policies
Consider a company mature after X checks are cashed successfully
Do not accept more than X checks from same Mature Company in X days
Do not accept more than X new customers within X days
Non-Mature Company Policies: These are policies designed for new or fairly new companies that have cashed more than X checks after X amount of days set by your in the Warning Policies
Do not accept more than X checks from same Non-Mature Company in X days
Do not accept more than X new customers within X days
Mature Customer Policies: These policies help you monitor the number of checks in quantity and amount you can take for existing and repeat customers without taking too much from them
Consider a customer Mature after X checks are cashed successfully
Do not accept more than X checks from same Mature Customer in X days
Do not cash any checks more than $XXXX
Do not accept more than X New Company within X days
Maximum % increase allowed in check amount from Average Check
Non-Mature Customer Policies: These policies help you monitor the number of checks in quantity and amount you can take for new and fairly new customers without taking too much from them
Do not accept more than X checks from same Non-Mature Customer in X days
Do not cash any checks more than $XXXX
Do not accept more than X new company within X days
Maximum % increase allowed in check amount from Average Check
*Note: Make sure to activate these policies by marking Yes under “is policy active”
After successfully setting up the policies with the desired limits, click OK on the bottom right to apply changes. If you exceed any limits during a transaction and wish to change them, make sure you come back to the Risk Management Policies to make any changes. Remember, with the delimiting policies, you cannot overpass them or override them unless you return to the policies to change them manually.
If you have any questions, contact us at 1.877.271.1107
