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New Technology Revolutionizes Check Collection
Bad checks are a growing problem in the US economy. According to a 2001 study conducted by Global Concepts for the Federal Reserve, an estimated 300 million checks bounce per year, costing retailers over $200 billion.
Until recently, merchants had limited options for check collection: They could take the check and pray it didn't bounce; they could have a cash only policy and leave potential money on the table; they could use a service such as check guarantee. Unfortunately, for many small businesses, the latter option was not feasible because of cost issues. Now a new player has emerged on the block: free electronic check re-presentment, also known as RCK.
The RCK industry sprang up as a result of new regulations approved by NACHA (National Automated Clearing House Association) in November 1999. RCK processors offer their services at no cost to the merchant. Unlike check verification, the merchant does not need any special equipment or software. The merchant simply signs a few simple forms instructing their bank to send the bad check to the RCK processor. The processor electronically recovers the full face value of the check for the merchant and then electronically deposits the funds into the merchant's bank account. The processor makes money by charging the check writer a fee based on state law, normally around $25-$30. NACHA projects that the use of electronic re-presentment could increase the rate of successful collection by 25 to 50 percent.
These are some of the benefits to the merchant of using electronic re-presentment
•Improves Collection Results By As Much As 50 Percent
•Faster And More Efficient Than Paper Process
•Lower Bank Fees, Eliminates Second And Third Bounce Charges To Merchant
•Small Value Checks Can Be Collected Cost Effectively
•Merchant can keep track of checks in the recovery process
•Collected funds are automatically deposited into merchant's account
•Electronic Items Have Priority Over Paper Checks
These are some benefits for the check writer
•Won't ruin check writers credit
•No hassles from overaggressive collection agencies
•No embarrassing phone calls from merchant
There are, however, limitations to be aware of when using a RCK service. Per NACHA guidelines, business checks, payroll checks, 3rd party checks, checks over 180 days old, and checks that are over $2500 cannot be processed electronically. Many RCK processors also offer free secondary collection through a collection attorney for these checks.
The merchant must post all proper notifications, which are normally provided at no charge by the RCK processor. This can take the form of a sign posted in the store or verbiage to add to customer receipts and contracts.
Overall, RCK is an excellent solution for merchants looking for a simpler method of check collection.
About the Author
Carlos Scarpero is the founder and president of FreeNSFrecovery.com, a provider of electronic check collection services.
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