No matter what you call it - hot check collection, bad check collection, returned check collection, NSF check collection, bounced check collection, uncollected check collection - it all means the same thing; A costly, time-consuming part of doing business.
Knowing the best method for collecting returned checks can be a frustrating - often futile - endeavor. Staying current with bounced check laws and regulations, understanding new NSF check recovery technology, and evaluating in-house vs. third party collection and recovery services can be difficult and confusing.
In an effort to help businesses and services simplify this "Bad Check" dilemma, the following recommendation is based on the three most critical elements of a successful returned check collection program:
1. Proven Methods
2. Benifits for Participating Users
NSFdeposit's 1ResourceCenter Business Development Program
1. Proven MethodsElectronic Representment: or RCK - is the ability to electronically represent a consumer's "Hot Check", plus a state regulated service charge. NSF checks are converted into an electronic item and presented to the consumer's account up to two (2) additional times. These multiple submissions are strategically timed to increase the chances that funds are collected.
Benefits of Electronic Representment include recovering user's money faster, significantly reduced collection costs, higher recovery rates, improved over all collections and payment efficiency, and the ability to electronically represent NSF checks without verbal communication with consumer.
Secondary, or "Traditional" Recovery Methods: is the process of using a series of letters, skip-tracing and collector phone calls to collect all checks that are returned for reasons other than Insufficient Funds (Stop Payment, Uncollected Funds, etc...), Business/Commercial checks or checks that weren't collected through electronic representment process.
NSFdeposit's 1ResourceCenter Business Development Program combines the effectiveness of electronic representment with proven traditional, secondary recovery methods to provide the best over-all results for its users.
1ResourceCenter Business Development Program video... View Now
2. Benifits for Participating UsersWhen considering a potential third party collection and recovery service, it is paramount to find and implement a program that does more than just "Collect Checks." 1ResourceCenter's Business Development Program offers a vast array of free programs, services and opportunities that help users promote and network their company, while staying current on critical business news, technology updates, financial strategies, and sales/marketing tips. The program also offers many incentives to users, ranging from a merchant referral program to quarterly online giveaways.
1ResourceCenter User Benefits:
Free Web Pages: for companies currently without an internet presence. > WatchVideo
1Marketplace.biz Listings: members may link their website in the online marketplace. These links not only offer increased exposure, but also provide back-links for improved search engine rankings. > WatchVideo
Merchant Association Membership: the 1ResourceCenter Merchant Association provides members discounted pricing on products and services, a "Question & Answer" Knowledge Center blog, company Press Releases and Video uploads, and many other helpful resources and opportunities. > WatchVideo
"The Merchant Matters" Monthly eNewsletter Subscription: members benefit from increased knowledge in critical business areas ranging from financial strategies to current sales and marketing ideas. The eNewsletter also "Spotlight's" a participating user each month, for additional company exposure. > WatchVideo
Merchant Referral Program: members can refer a business or service to the 1ResourceCenter Business Development Program and receive a generous referral reward. > WatchVideo
Quarterly Online Giveaways: members can register each quarter for the opportunity to win products and services offered in the 1Marketplace.biz online marketplace. Randomly selected members win valuable prizes, while prize providers benifit from increased sales and additional company exposure. > WatchVideo
3. Cost-EffectivenessArguably, the most important, and difficult, decision a business or service must make is - should returned check collection be done in-house, or out-sourced to a third party service. The opportunity to collect returned checks in-house, and keeping the corresponding service charge, is often extremely enticing. However, in most circumstances, when the revenue generated by these service charges is weighed against the time, expense and negative customer experience involved, a third party service wins out.
1ResourceCenter's Business Development Program offers all of its programs, including returned check electronic representment, collection and secondary recovery, to participating users at absolutely no charge. Users receive 100% of the face value of each bad check collect through both electronic representment and secondary recovery efforts.
By utilizing these services at no expense, businesses and services save a substantial amount of time and money, while benefiting from reduced losses through increase recovery rates.
1ResourceCenter "How It Works" video... View Now
You may reach Jim by calling Toll Free: 877.554.5154, or by email.
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