Electronic NSF Check Collection

Seller: ePayments Corp.

Contact: Paul Lufkin

Location:

In Categories: Billing & Collections

Industry numbers show that many businesses are still handling check collection in-house, wasting time tracking down bad checks through writing letters, making phone calls and continually following up, and then they risk losing the customer due to embarrassment.

Electronic check collection shortens the collection cycle, and re-presenting electronically allows for one extra presentment for a total of three, whereas paper checks only get two, according to Lufkin. “Businesses are clearly missing out on the opportunity to reduce costs of returned checks and ensuring no embarrassment to their customers, since the electronic process is all done behind the scenes without any personnel contact.”

With ePayments, companies could realize cost savings of 25 to 50 percent, increase their collections rate about 30 percent and reduce the overall time spent on check collection.