Secure Check is a safer way to pay vendors by check through MarginEdge Bill Pay. Vendor checks are issued from a MarginEdge account instead of the business's bank account, reducing the risk of check fraud and helping protect bank information. MarginEdge handles the check process, while payments stay tracked in MarginEdge.
To learn more, check out some frequently asked questions and answers below.
What is Secure Check?
Instead of writing and tracking your own checks, MarginEdge issues vendor checks from its own account on your business's behalf, so your bank account information never appears on the check.
Why use Secure Check?
Secure Check helps reduce the risk of check fraud by keeping your business's bank account information off checks sent to vendors. MarginEdge also handles lost and reissued checks, while payments remain tracked in MarginEdge.
Who issues the checks?
MarginEdge issues each vendor check from its own bank account on behalf of your business. MarginEdge handles both check issuance and the payment process.
Who sends the payment to the vendor?
MarginEdge sends the payment to the vendor after the bill is approved for payment in MarginEdge.
When are funds withdrawn from the business's bank account?
When a bill is approved for payment, MarginEdge collects the funds to be paid out at that time.
Are Secure Check payments still tracked in MarginEdge?
Yes. Every payment remains tracked in MarginEdge. Check payments will now have the same visibility as electronic payments.
How does Secure Check reduce check fraud risk?
Because checks are issued from a MarginEdge account, your business's bank account details are not exposed on the check. MarginEdge issues and backs every check it sends. If a check is stolen, MarginEdge handles the issue while maintaining its commitment to deliver the approved payment to the vendor.
Is the business's bank account information printed on the check?
No. With Secure Check, the business's bank account information is kept off the check entirely.
Who handles a lost check?
MarginEdge handles lost checks, so the business and its accounting team don't have to manage the process. If a check is undeliverable, MarginEdge will get the check to the right address.
Who handles reissuing a check?
MarginEdge handles check reissues, and the reissued payment remains tracked in MarginEdge.
How is a Secure Check voided or reissued?
Requests to void or reissue a check should be sent to the MarginEdge Support team at support@marginedge.com.
What happens if a check goes uncashed for more than 180 days?
After 180 days, MarginEdge automatically starts the process of returning the funds as abandoned property.
When a check is voided or returned, do the funds go back to the business's bank account and the bill back into the pay queue?
Yes. The funds are returned to the business's bank account, and the bill is placed back into the pay queue. MarginEdge also sends the void or return to the connected accounting system as a journal entry, making it clear which check was returned.
Does anything change in the Bill Pay workflow?
Very little. Bills are approved and paid in MarginEdge and we handle sending payments to vendors.
Does anything change for accountants or bookkeepers who pay bills on a business's behalf?
Very little. Accounting teams continue approving and paying bills in MarginEdge as usual, with less check management to handle.