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Trying to collect on returned items the traditional way takes time away from businesses and merchants and costs those companies money. Plus, they run the risk of discouraging repeat business from customers who have simply made a banking error with uncomfortable phone calls or demand letters. Today, there is a better way to collect funds without in-house collections departments or harassing customers.
By utilizing the Automated Clearing House (ACH) network, eligible deposited items that are returned for insufficient (NSF) or uncollected (UCF) funds are converted into an electronic ACH transaction and re-presented through the Automated Clearing House (ACH) network. The check writer’s account is debited for the face amount of the check plus the returned check fee. More than one collection attempt is possible, if necessary, and the process is transparent to the customer.
Once funds are collected, the full face amount is then electronically credited to the merchant's checking
account through another ACH transaction. There is no faster way to collect on NSF transactions and
improve cashflow.
With CheckTrack from Creative Payment Solutions, any merchant can have eligible consumer returned
items electronically processed at no additional cost and receive 100% of the check’s face amount.
CheckTrack helps merchants:
• Improve check recovery rates without uncomfortable phone calls
• Receive 100% of face amount for each collected item at no additional cost
• Recover more funds and improve your cashflow
• Eliminate in-house collection efforts
• No equipment or software needed
• Receive an automatic daily deposit of collected items
• View images of returned items on demand
CheckTrack℠ lets any business or merchant confidently accept checks from their customers while saving time and money.
Choose a link below to learn more:
• CheckTrack℠ for Financial Institutions
• CheckTrack℠ for Business/Merchants |
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