NSF Check Recovery
I recently saw a sign on the wall behind the counter of a store that read “We will gladly accept your personal check up to $50 with a $100 cash deposit”. Well obviously this storeowner made it clear that he wasn’t interested in taking checks. The problem is that by refusing to accept checks he is probably turning away business that would have made his business more profitable.
A great solution to this general fear of accepting checks is the Global Check Recovery electronic check recovery program. The best part of this program is that it costs you the merchant nothing. Yes, please let me repeat that — it will cost you nothing, nadda, zilch!
Here is how the program works:
A customer writes a check in your store or service business. Without the need to run the check through any special check reading equipment you deposit the check in the normal manner at your local bank branch. Should the check bounce then your bank will forward the check directly to Global Check Recovery for collection. When Global Check Recovery receives the check they convert the check into an electronic transaction and the check is re-presented through the U.S. Federal Reserve Automated Clearing House (ACH). Using the latest technology Global Check Recovery’s proprietary check processing system schedules transactions to recover your funds on an average of five times faster than any other method. Because Global Check Recovery is processing the item through the ACH system they have the first right to receive the funds prior to any paper checks that the customer may have written in the meantime which are due to clear that day. As a result Global Check Recovery is able to recover funds for the merchant an incredible 50 – 85% of the time!
Now that Global Check Recovery has your funds what do they do with it? The answer is that they deposit 100% of those funds directly into your checking account or if you prefer mail you a check on a weekly basis.
So to review the last few paragraphs it costs you NOTHING and you receive 100%.
Well, that sounds mighty friendly. You may be wondering how Global Check Recovery makes their money. Almost every state legally permits a NSF penalty surcharge to be added to the original check amount. In most states this is around $25.00 with ranges of between $20.00 and $50.00 and this amount (whatever your state’s legal limit is) will be retained by Global Check Recovery as their fee.
On a weekly basis Global Check Recovery will email you a notification report with any NSF checks they have received from your bank.
A highlight of the Global Check Recovery service is that the complete history of your account activity is available to you 24/7 by logging into our real-time online Electronic Reporting System. You may view the check writer’s information, dates, amount, return, reason, pay status and even the original check image. The website is formatted so that you have the ability to download reports into a variety of popular accounting programs.
If this sounds like the right check protection program for your business then we encourage you to sign up today. The application process couldn’t be easier as there is a very simple plainly worded two page Merchant Agreement that you can print out from the link above. It will take less than 5 minutes to complete. You should then fax it to us along with a blank voided check to 215-489-7880 or if you prefer just scan and email it to email@example.com. We will then email you our one page Bank Item Release Form which you will provide to your bank as an authorization for them to forward any NSF checks directly to Global Check Recovery. This will help save you the cost of a representment charge from your bank. Within a couple of days you will be setup and Global Check Recovery will send you a welcome package with decals for your register and the login information for the reporting website.
Should you have any questions about the program please feel free to contact Kevin via e-mail or by calling 215-489-7878 or toll-free at 800-717-1245.