Electronic Processor>Services>NSF Checks
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Electronic NSF Check Re-presentment |
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NSF Checks can now be collected electronically!
Electronic Check Representment is a new process for recovering NSF Checks by converting the check into an electronic transaction. The customer's account is debited for the amount of the check and the collection fee. The National Automated Clearing House Association (NACHA) announced in March, 1998 that checks which have been returned unpaid for NSF can now be collected through the Automated Clearing House (ACH) Network, the network that allows financial institutions to exchange payments on behalf of business customers and consumers. Now is the time to move to this exciting way of collecting NSF. We do the work for you so you can concentrate on making money. |
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THE PROCESS |
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The process for electronic recovery is very simple. These are the steps:
We do all the work for you. You, or your staff, do NOT have to call your customers or wait for them to come in to bring you cash. You can use your employees to actually do work that generates new income, not tie them up collecting old account. Our recovery rate, nationwide, is between 75-80%.This is the newest, fastest method of recovering your hard earned dollars. There is no charge to you. We are paid by collecting the NSF fee from the customer. |
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LOOK AT THE ADVANTAGES! |
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FREQUENTLY ASKED QUESTIONS |
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How much does this cost?
We process your checks each month absolutely FREE. How do you get paid? We get paid by assessing the state allowed NSF fee to the customer. So we get paid only if we collect. How much do you charge the customer? We normally charge $25 to $30, or whatever the legal amount is in your state, per returned check. We collect this directly from the customer through a separate transaction as the law requires. How long does it take to get us set-up? We can get you set-up and operating on this system in 24 hours! When we say it is FAST, we mean it! What do I have to sign? Two forms and a Voided Business Check are required to set up your account. You will sign a Contract with us to provide the service and you will sign a Bank Release Form, which instructs your Bank to forward your returned checks to us, without re-depositing them. The Contract is cancellable with 30 days written notice. The Voided Check is needed to set up your account so your recovered money can be direct deposited into your account as soon as we collect it. How can you collect the check if there are no funds there to pay it? We can't collect the check if there are no funds in the customer's account. What we CAN DO is monitor that account until there are funds there to pay it. Then the computer submits the request for payment and it normally pays at that time. The law says we can submit the check twice so if we miss it the first time, we have another chance of recovering it. And we increase our chances by monitoring that account, sometimes for 30 days or more, before submitting it the second time. How do you collect Closed Accounts, Forged Signatures, etc.? Closed accounts, forged signatures, stolen checks, and these special types of checks cannot be collected electronically. However, we use several Secondary Collection Agency, including a group of attornies who specialize in data base searches and tracing methods, to collect these types of checks. When you sign up, you may choose to have such checks sent directly to Secondary Collection for handling or you can have those checks returned to you. How much does the Secondary Collection cost? The Secondary Collection firm we use operates on a fee basis also. There is no charge to you for this type of collection. However, additional fees are collected from the check writer to get you your money. What kind of reports do we get? Now, you can check the status of your NSF check collection activity on line 24 hours a day. Check out our new On-Line Reporting System here. In addition, you receive a Monthly Report summarizing activity on your account for the month. But in addition, the day we receive an NSF check on your account, we mail or fax you a report on number of checks received, amount of the checks, and customer name. This information is provided so you can keep your Check Register up to date at all times. How have Customers reacted to this System? Customer reaction has been very good. Of course, there is some adjustment on their part but complaints has been miniminal. In fact, customers grow to like this System because they do not have to come in and face you with cash in hand to redeem an NSF check. And, their check writing privileges are restored faster since their NSF is cleared faster. NACHA has developed a brochure to help customer's understand this process. To read a verbatim reprint of the NACHA brochure, click here. Are there any restrictions to the type of checks you can handle? Yes, there are some restrictions. To explore which checks are eligible and which are not click here. I know this is a new program, but what has your track record been so far? We were involved in the pilot program through NACHA on Electronic NSF Re-presentment, and we have collected hundreds of thousands of checks this way. Historically, during the first presentment, we will collect 50% of your checks, i.e., 5 out of 10. During the SECOND re-presentment, we will collect an additional 30% or so. This accounts for our high collection rate of 75%-80%. So normally 8 out of 10 of your checks can be collected and deposited into your account in about 15 days. Another service we offer is an electronic process called Point-of-Sale Conversion or Check Truncation. To explore this service, click here.
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Electronic Processor
302 S. Cheyenne Ave, Ste. 116
Tulsa, OK 74103
Ph: 918-298-9994 Fax: 918-298-9995
rjacobs@electronicprocessor.com
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