FastCollect vs. Traditional Collection Agencies
Most collection agencies still attempt to recover NSF checks the
old-fashioned way: through notices in the mail and phone calls to the check writers.
The difference between FastCollect's electronic recovery system and the
old way is in short, speed and cost. Depending on the amount of returned items merchants
have to deal with annually, the bottom line impact can be tremendous.
FastCollect never charges a recovery fee.
Collection Agencies charge
up to 30% per check.
FastCollect always return 100% of principal to
merchant.
Collection Agencies return
70 - 100%.
FastCollect's average collection time is 15
days.
Collection Agencies
average collection time is 60 days.
FastCollect provides consumer account
monitoring.
Collection Agencies do not
provide account monitoring.
FastCollect offers a large national database of
bad check writers for check verification.
Collection Agencies
usually have only a small database of bad check writers that often covers a limited
geographic area.
Banking Technologies Corporation has been a leader in
Electronic Check Re-Presentment from the very beginning, and no other company offers as
wide a range or as high a quality of electronic recovery services.
