There are a lot of monuments and museums in Washington D.C. The Smithsonian alone is a collection of 19 museums, many of them holding some of the nation’s most precious documents. However, there are precious documents that no one in Washington wants to store anymore – checks. Soon, the Fed will no longer accept checks from any bank, meaning that each individual branch of every bank in the country is now responsible to scan every check that comes to them.
Of course, that scanning process takes labor time, and no bank likes to spend its money on extra labor, so they pass the costs on to you. Every bank charges you for every physical check you deposit. That may not be big financial impact for your personal checking account or for a very small business. But for a casino with a healthy check-cashing program, the costs of delivering physical checks to banks has skyrocketed since the Fed ruling and has had a direct impact on the bottom line.
So what’s a casino to do? Not cash checks? That would be a silly business decision, because many customers across North America use casinos and their check-cashing promotions for convenience and for an added layer of entertainment in their gaming night out. An easy and cost-effective answer is a combination of software solutions from NEWave: Check Prove™ and eDeposit™.
The Check Prove software is part of NEWave’s myCageOperations™ suite and helps to guard a casino against a wide range of fraud including counterfeits, NSF, closed accounts and stolen checks. Check Prove uses a huge data warehouse that instantly verifies checks by comparing them (and the patron’s ID) against a host of data we have collected. Check Prove ties existing and future clients together, centralizing all gathered data together in a massive data warehouse, so that when a check is presented, it is instantly compared against millions of bits of data, resulting in a reduction in fraud for all properties. Additionally, all derogatory information that is gathered is posted and seen immediately for both the payroll company and the patron.
Check Prove also enables you to compare the scanned image of a payroll check to the approved image on file side-by-side. Plus, you can see both the check image and the saved patron image, further reducing counterfeits and patron attempts to present fake IDs. As an added layer of security, Check Prove permanently stores a patron’s ID and it stays on file for the check cashed, which prevents customers from claiming they did not cash a check at your casino.
In addition to facilitating visual comparisons, Check Prove also applies standard banking business rules to help prevent stolen checks being presented and immediately identifies counterfeits.
But now that you have a solution that allows you to cash checks with absolute confidence, what are you going to do with all the physical checks you have on hand? Fortunately, we have a solution as familiar as online check-in for your flight. Think about that process – you have a reservation, you go online, enter your code, and instantly you’re checked in for your flight. Easy, fast, no hassle, no added expense to the airline or to you, and you can store the entire process digitally.
The same idea can help you save thousands of dollars each month with NEWave’s eDeposit software, a simple way to electronically deposit all those checks you’ve cashed for your customers. eDeposit sounds like exactly what it does – it empowers you to scan checks and deposit them electronically, maintaining a digital record of each check, either on your own database or on ours with our myCloudServices™ option.
For an added layer of convenience and security, you can use our Title 31 software, and automatically complete, files and archive forms required to comply with FinCEN Title 31 money laundering requirements.
It all comes down to a matter of wants: The Fed doesn’t want your paper; the bank does want to charge you extra fees; and you want to save time and money. Fortunately, NEWave’s Check Prove and eDeposit gives you what you want – more time, more convenience and more money to the bottom line.
About the author: Bart Lewin is CTO and CEO for Las Vegas-based NEWave, a developer and implementer of gaming and hospitality software applications and services that provide complete solutions for auditing functions, regulatory compliance and casino cage operations. For more information on NEWave and its products, contact the company at (702) 891-0132 or visit www.mynewave.com.