Running a bookie business it means that you are going to be dealing with money on a regular basis. And, when it comes to getting paid by your players, it is definitely better to take hard
cash than to get a check.
Bookie Tips: Avoid Getting Paid with Checks
The reason is because when you receive actual cash, you know that the client is being honest, but when it comes to checks, you really don’t know if it’s valid or not until you visit the bank.
If you trust a player due to the fact that he’s been paying you without a problem for some time, then taking a check by this type of individuals is ok.
But if you have a new player that is immediately trying to pay you for lost bets with a check, then it is in your best interest to tell that customer that you prefer to get paid for your bookie services with cash only until a mutual trust has been built.
What you really want to avoid is to go to the bank and have a bad moment when you realize that the check you was paid with bounced. Or worst, to receive in the mail the check with the NSF (nonsufficient funds) stamp on it, and get charged severe penalties by the bank for it.
If you are just getting started with your bookmaking business, some players might want to try to take advantage of you by paying you with a bad check, but knowing that this is something that must be avoided at all costs, you can save yourself from having to go through this type of unwanted experiences.
Remember, the world is not perfect, and neither the people that lives in it, so, in order to run your sports betting operation in the best possible way, don’t trust new players immediately, and instead, let previous experiences to help you discern who is to be trusted and who’s not.
Also, if you happen to accept a check with no funds from a player, it is recommended to let that client go because chances are that this individual is of a sketchy nature and might try to play some tricks on you in the future.
Actually, you can not only let that player go, but since it is against the law to write bad checks, you can also let the person know that you are willing to take legal action if he doesn’t pay you.
Chances are that you will get your cash, and won’t have to deal with the client again. Simple and easy, problem solved from your end.
Now, it is good to mention that the amount of the check is not really what’s important, what it matters the most is that the person who gave you the check most likely knew that the check was going to bounce and still gave it to you.
Remember: a check in your hand actually doesn’t mean anything. You cannot count with such money until you either see the hard cash in your pocket, or until you see the funds reflected positively in your bank account.
So, if you happen to accept a check for your bookie solutions, save the celebration for a later time.
