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Cheques became a highly popular non-cash method inorder to make payments during the 20th century and their usage peaked. Around the turn of the millennium, billions of cheques were being issued annually by businesses.

Cheque Fraud

The prominence of cheque usage increased its fraudulence too over time. That’s when financial organizations and economists began brainstorming over ways to prevent cheque fraud and lessen these frauds.

A few examples of cheque fraud are using the float (the interval between the negotiation of the check and its clearing at the financial institution of the cheque writer) to withdraw this money. A cheque kiter happens when a person deposits money before the conclusion of the float period in order to hide the fraud.

5 ways to prevent Cheque Fraud

Now to prevent cheque frauds that cause such hassle with transactions and businesses to keep them from collapsing? Some of the common ways to prevent cheque fraud are- 

Writing the cheque 

If a cheque is corrected and cancelled, it is considered fraudulent if a mistake was made. No action is required on its replacement. One should always cancel and issue a new cheque to present a correct and professional image to business suppliers and banks. Write the whole payee name and amount in words and numbers, being sure to scratch out any unnecessary space or gaps and avoid overwriting; sign with your own pen and never pre-sign a blank cheque.

Cheque cross/account payee cheque

Account Payee Cheques should be crossed in order to prevent cheque frauds. The bearer should cancel (struck off with two diagonal lines) or write the words ACCOUNTS ONLY PAYERS at the top of the check to make it an account payee-only cheque, used for account-to-account transfers only. The cheque means money is credited only to the payee’s account. Above all for these cheques cash at the counter is not allowed. Accordingly the bank is alerted for an account-to-account transfer.

Bank activity check

Sign up and register for SMS notifications with your bank, using a functioning cellphone number to keep track of all account activity. Keeping track of the bank depending on the cheque volume helps to be up to date with monetary transactions. Similarly, it is important to obtain a receipt when issuing a cheque. Have the receiver of the cheque sign a copy of the check and get an official receipt. This is to ensure that the receiver has approved the date, amount, and other aspects of the transaction.

Correct Date and validity

Cheques often have dates written in 10.02.2020 format. One should always write the date on checks in the format DD-MM-YYYY (February 10, 2020). Similarly, an undated check can lead to many problems because it allows the check holder the right to bankroll at any time. You should mention cheque validity on it if you’re issuing someone an undated check. This way, to the said period your commitment is less.

Using a cheque printing software

Another way to prevent cheque fraud is by using cheque printing software. Where the sender can completely avoid written mistakes, overwriting, and cancellations. Printed cheques are account payee cheques. The receiver’s bank account is then transferred the amount.

A Cheque printing software application is a computer program for printing as well as managing checks. The cheque processing program allows printed statements and properly creates printed checks and reports with all the necessary information such as payee name, number, amount, date, payee account etc. which helps in easily preventing check fraud.

Cheque Printing Machine significantly help businesses to run their financial transactions efficiently. They offer the following benefits –

Proactive and efficient business process

Sustainability

Multi-cheque printing and templates

Comprehensive reporting

Payee management 

Easy and handy to use

Penieltech is a provider of one amongst the best check printing solutions by Elatesoft in UAE. Their program helps in printing almost any valid bank check in a couple of minutes without any typos or mistakes also completely avoids cheque fraud. They offer an undoubtedly adaptable software solution that is customizable according to your business needs, which can quickly combine with other tools and connects to a local printer, basically they make sure that your business and team both work hassle-free with their software and are always there to help around the tech. 

Renting is increasing for various reasons, including the rising expense of home ownership and the desire of younger generations for greater housing flexibility. lets discuses rental property management system.

You could treble your rental income with just a few minor adjustments in the correct markets and with the appropriate modifications.

According to the facts mentioned below, updating your rental property is one of the simplest methods to raise the rent you may charge.

Why Do I Need to Upgrade My Rental Property?

You might be debating if remodeling your rental is truly worthwhile.

Your rental income can be increased by updating the furniture, installing new flooring, or even doing something as basic as painting the walls.

Here are some reasons why renovating your rental property could help you attract more renters and, consequently, make more money.

Make your rental property stand out from the competition

Make improvements to your property to increase its appeal to potential tenants.

If your budget allows it, spending a little more for a finished appearance will allow you to increase the monthly rental fee.

Increase in energy efficiency

Future tenants can save money on utilities by adding amenities like energy-efficient windows and a programmable thermostat, which is a well-liked selling point.

Increase property value

The rental property’s resale value will rise as you enhance its existing characteristics.

Boost tenant satisfaction

Upgrading the worktops, installing newer, higher-quality appliances, or making any other improvements will probably result in less upkeep being necessary for addition to giving future tenants a terrific experience.

Less people will call you to come to fix a leaky, broken dishwasher as a result. Renters are more satisfied as a result, and they are also more inclined to renew their leases.

Subtract remodeling expenses from your taxes.

Any expenses you incur for the repairs, if you’re merely maintaining your rental property, can probably be subtracted from the property’s taxable revenue.

Any work that goes beyond a straightforward repair, however, may be considered an improvement and is not deductible.

Let’s discuss the way to modernize the rental property

STUDY (AND APPLY) IOT

Never heard of “the Internet of Things” before? Google it first before doing anything else! IoT, in a nutshell, is the digitization of common household items like lamps, doorbells, and refrigerators. Why is this important to landlords, you ask?

Consider that the clear majority of millennials said they would pay up to a fifth more in rent for a “smart” apartment.

Or one furnished with amenities like keyless access and smart locks.

Consider replacing your standard lock with a Bluetooth lock, and don’t forget to install the security doorbell with a camera.

GET OUT FOR THE STEEL, SILVER

Even though the functionality of a plain white refrigerator and a flashy stainless-steel refrigerator may be identical, the stainless-steel refrigerator may command a higher monthly rent.

Installing new appliances can raise your property’s resale value and increase its appeal to tenants.

Stainless steel appliances give the appearance of a more modern, upgraded kitchen, which is one of the areas that tenants value the most.

ADD NEW HARDWARE TO THE KITCHEN AND BATHROOM

Start with updating the hardware on your kitchen cabinets, bathroom vanities, and other furniture if budget and simplicity are your top priorities.

Similar to stainless steel, posh new hardware can give the impression of being brand-new and opulent even when no significant upgrades have been made.

Consider what’s fashionable and choose cabinet hardware that is clearly contemporary rather than classic or timeless.

DEMONIZE A FEW WALLS

Do you want to remodel? Focus on opening up the area if you want to make the most of your rental property at any cost.

A modern open floor plan is preferred by those looking for all living arrangements, including renting, purchasing, and new construction.

Consumers are particularly concerned with open-concept kitchen, dining, and living spaces.

Thus remodeling for an open floor plan is a necessity if you want to reach top-tier luxury (and top pricing).

FRIENDLINESS FOR PETS

About half of renters own pets, according to statistics from the American Veterinary Association.

Going pet-friendly is the way to go if you want to appeal to millennials and modernize your listing.

In order to appeal to millennials, who currently account for the largest share of the American rental market, you must simply permit dogs.

They outnumber previous generations in terms of pet ownership.

Charging a sizeable pet deposit is entirely fine and will only draw the most responsible pet owners, which is obviously desirable.

ONLINE RENT PAYMENT OFFER

Make sure your property management software supports online rent payments for your tenants. They pay all their other bills online, so why not modernize their rent?

Theoretically, automating your payment procedure will make things simpler for you and your tenants.

Requiring fewer trips to the bank and eliminating the possibility of failed checks.

Additionally, it may automatically calculate late fees and apply them in order to prevent late payments.

PUT IN NEW FLOORING

According to the survey, replacing worn-out floors with hardwood was by far the most preferred option. Because it is simple to clean and has a contemporary appearance, hardwood is a popular material.

On the other hand, carpet is not frequently preferred in rental properties.

Since it can trap odors and needs more upkeep.

Replace the floors last as you complete the improvements on your rental home.

Installing floors at the conclusion will preserve them at their best.

Because other projects can generate a lot of dirt and dust.