Verify!™ - Consumer Information

A cheque is only good if it is honoured.

Most people will issue cheques that they expect to honour. But there are those who issue cheques knowing very well that their cheques will not be honoured.

Without legislative protection, businesses accept cheques at their own risk. The combination of these two factors results in a high incidence of unpaid cheques.

Bad debts begin with the granting of credit.

Most business-to-business transactions are conducted on credit with businesses obtaining goods and services on credit from one another.

Most businesses will pay within the agreed credit terms but others will delay payment beyond the invoice payment date. Businesses therefore carry a risk in trading on credit with other businesses.

The consequence of this is the resulting high bad debt and cash flow problems experienced by businesses from time to time.

 

 

What is Verify!™

Verify! is the cheque verification and invoice recovery service of the Credit Reference Bureau Africa (CRBAfrica).

Verify! offers businesses an effective solution to the problem of unpaid cheques and delayed payments by availing businesses with protection against dishonoured cheques and a powerful tool with which to leverage repayments.

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What makes Verify!™ effective

If a person or company has issued a bad cheque or have neglected to settle their invoices then they are prevented from issuing another cheque or obtaining credit nationwide until they have honoured the unpaid cheque or outstanding obligations.

The details of the default, including the name of the debtor, are published on the Verify! National Default Register and distributed to Subscribers.

This acts as a powerful leveraging tool for exacting repayment and preventing further incidences of dishonoured cheques or unpaid obligations. The debtor cannot purchase with a cheque or obtain credit from a Verify! Subscriber, as our Subscribers are forewarned.

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How does Verify!™ work?

Subscribers send in details of dishonoured cheques and unpaid invoices if the customer fails to pay as agreed.

The details are then recorded on the Verify! register and also annotated on the issuer's master credit file at CRBAfrica.

The register is available to every company nation-wide to Verify! that cheque-issuing customers have no dishonoured cheques or outstanding invoices.

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What are the benefits of using Verify!™?

1. Expand your client base as you accept cheques with confidence, thereby increasing trade volumes and profitability.

2. Expand your client base as you are able to verify the past payment history of your customers and thereby extend credit with confidence, again increasing your trade volumes and profitability.

3. Reduce the risk of accepting a potential bad cheque or of providing credit to a customer who will only refuse to pay at a glance, with the Verify! National Default Register.

4. Immediately impact the credit standing of your cheque bouncer or invoice defaulter and leverage repayment from them with this powerful and cost-effective recovery tool.

5. Obtain debt recovery assistance from CRBAfrica to recover your dues.

6. Develop & improve your cheque acceptance policy and your internal credit management procedures and policy with our guidance.

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By Utilizing Verify!™ you will

•  Discourage those intending to pay for goods or services when they have no intention of honouring their obligation including those possessing stolen cheques, those who have closed their accounts, and those who are chronic cheque bouncers.

•  Be in a position to Verify! a cheque before accepting it or the credit standing of your prospective customer before transacting on credit.

•  Be in a position to recover the dishonoured cheque amount or invoice amount through the Verify! recovery system.

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How to use Verify!™ effectively

Verify! is designed to give your business maximum protection against credit abuse. It is only by making use of the entire service that your business benefits fully.

Prevention
Verify! provides Signage for display in your store to discourage those who have intentions of dishonouring their obligations when paying by cheque.

The Signage forewarns your customers of the consequences should cheques be dishonoured.

Verification
The Verify! National Default Register provides your business with cheque and creditworthiness verification at a glance.

Should your customer's name be found on the register, request for cash.

Recovery
Once you submit the dishonoured cheque or unpaid invoice, Verify! activates a recovery cycle that is designed to exact payment from your customer.

Verify! issues a demand letter and should your customer ignore then their details and default information are published and circulated to subscribers nationwide and unless paid the listing will remain for a period of 6 years.

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How do I subscribe to Verify!™ and what are the costs?

Verify! subscription process:

Complete application forms and sign subscription for Verify! and pay the annual subscription fee that allows you free access to the monthly Verify! National Default Register.

The annual Subscription fee gives you access to the following at NO further cost:

•  Receive an electronic copy of the Monthly Verify! Default Register.

•  Receive Verify! Member Payment Prompt leaflets.

•  Submit any number of dishonoured cheques and unpaid invoices with no registration charge.

Debt recovery is effected at a nominal commission fee payable only on successful recoveries.

 

 

REGISTER NOW! Select your Country to Download Subscription Forms

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