Checks are a risky payment method. Unfortunately, fraud has become common currency (pun intended). So, to protect you (and ourselves), there are a few precautions that need to be taken.
Every single check is processed manually and on an individual basis to determine whether the check is valid or fraudulent.
Then, we make sure it will ultimately be paid. In fact, when you deposit a check at a traditional bank, the bank pays you in advance in order to credit you the amount immediately. If, however, it turns out to be a ‘rubber check’ that ‘bounces’, the bank automatically withdraws this money directly from your account.
This can put you in a very awkward situation, especially with regards to your cash flow. We, therefore, verify in advance that the issuer of the check has the funds required to pay you. The drawback is that this can take time. The advantage is that it’s secure.Now that Qonto has its own banking system, we can create our own rules and make this check-cashing process faster. If anyone wants to deposit a check, then it takes up to 15 days maximum.
We believe this is the best way to guarantee that our check-receiving customers out there get paid for the hard work they do.