POST SALE CHECK CONVERSION BENEFITS:
Benefits to Merchants:
Significant cost savings relating to:
deposit preparation,
transportation,
check clearing fees,
return item handling,
collection efforts and
fraud.
Can eliminate the delay in the time from the original presentment
to the actual receipt of the return check transactions — from 7 – 14 days with a
paper check to 48 hours with an electronic check. The speed of the electronic process can
dramatically improve the collection rate and control fraud.
Key Benefits to Merchants
- Saves Time and Labor - the process takes a fraction of the time and
labor associated with re-depositing a paper check
- Improves Recovery Rates - businesses average an increase of 50% to 85%
in the electronic re-deposit of NSF checks
- Quick - provides faster access to funds
- Little or No Capital Investment
- Reduces Fraud
- Provides Less Intrusive Way to Collect NSF Items
- Receive 100% on Recovered NSF Checks
- Absolutely Free Service
- Eliminates Re-deposit Fees and Return Fees on Re-deposited Checks
- Relieves the Merchant of the Hassles of Collecting Bad Checks
- Higher Recovery Rates than Collection Agencies
- No Charge for Service as Compared to High Rates by Guarantee Companies
Summary
Expedites the check clearing process and provides a vehicle for cost
reduction.
