1) How much does it cost?
Our service is ABSOLUTELY FREE to your business. THERE ARE NO MONTHLY SERVICE
CHARGES. We believe that tire distributors should not have to spend more money to
collect bad checks. That's where eCashFlow
Systems can help. We provide check collection services to you at no charge.
Rather, the customer/bad check writer responsible for writing the bad check pays
the state mandated service fees directly to us. Want to know
more?....Call us at 1-866-388-7006.
2) How do you
provide this service at no cost?
Banking rules were changed in 1998 to allow us to charge a fee to the bad check
writer when collecting
NSF checks electronically. We work through the Federal Reserve to settle funds
at banks nationwide. Fees are authorized and paid when the NSF check is paid.
The bad check writer is held accountable. Fee structure varies by state and
range from $15.00 to $40.00 per check.
3) What Are The
Benefits ?
Overview of System
- eCashflow Systems reduces NSF check costs and increases collection rate
- Deposit checks as you normally do
- Your bank sends NSF checks directly to us
- We convert the check to an electronic debit which allows two opportunities to redeposit the check
- Online real-time reporting of all NSF checks, amounts, check images, status of check, etc
- Monthly reports emailed or faxed
How we increase collection
- Total 3 presentments versus two for normal paper method
- We use an automated sweep technology to verify funds in account
- We also call banks to verify funds before final re-presentment
How we reduce fees
- No authorization fee for check acceptance
- Clients do not pay Redeposit or NSF fees with our two re-presentments
- No transaction cost or % face value charge as with check guarantee programs
- Free secondary collection -- 100% of check is always returned to client
How we get paid
- We charge the writers of the NSF check a fee
- We charge this fee after we collect and return to you the full face value of your check
Requirements for merchants
- Place notification sticker at check out informing customers of new policy or
- Place notification disclosure on customer statements
Flexibility
- We do not require contracts, our reporting system is highly detailed and is available in real-time. We can test this service with no obligations until you are satisfied that it works for you.
Seamless Transition
- The system does not require software or hardware, we simply inform your bank(s) of your desire to utilize this service, and the rest is up to us.
No Costs
- Our clients never pay our fees; we pay you 100% of the face value of the checks electronically collected.
4) Why haven’t I
heard of this before?
Legislation was enacted in 1998 to allow third party firms to access the US
Federal Reserve Banking System to settle NSF check funds.
5) How Does Your
Technology Work?
How it works...
- The hardware and operating system is Tandem Non-Stop Technology, similar to the system used to run stock exchanges, banks and ATM networks.
- This high-tech collection system was developed to help non profits, businesses and government agencies with cash flow and check collection issues.
- Web based to allow fast online review and reporting.
6) “I Don’t
Think It’s Proper To Charge A
Customer
A Fee…Maybe They’re Having Financial
Problems…”
Most bad checks occur due to poor accounting on the bad check
writer’s part. When it does happen,
check writers know that there’s fees to pay….it is the cost of doing
business. If Walmart charges a fee to
cover their costs, why shouldn’t your business?
Business Owners needn’t be subject to the agonizing task of collecting bad
checks – we can help in a very professional, non intrusive way.
7) How Do I Sign Up?
Simply call us at 1-866-388-7006 or
CLICK HERE. With a few registration forms
filled out (that take about 7 minutes), we can be taking your NSF checks within
a few days..
