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    3 Replies Latest reply on Jan 11, 2010 12:04 PM by amspcs

    Check Processing - Collection

    ZenSpirit Newbie

      I have been sick of receiving bad checks and dont' know where to turn to. Can anyone recommend some options?

      I current have Merchant Services from BoFA for credit cards only. The checks my business accept are deposited manually into my business accounts ( I also hate going to the Teller!)

      1- Is there a way to accept my checks eletronically at sales point? Any recommendations?
      2- I have some bad checks returned to me . Any recomendations of a collection agency company in the Southside of the Jacksonville area?

      Thank you in advance,

        • Re: Check Processing - Collection
          amspcs Ranger
          Hello Zen. You have a couple of options.

          #1, Check truncation is a system that processes the check electronically just like plastic payment at POS. When combined with Check Guarantee its an effective way of avoiding bad check losses. It requires a compatible processing terminal which you likely have already, plus a specialized imager, costs about the same as processing plastic. Caution: when comparison shopping, be sure you're comparing apples-with apples. Truncation and guarantee are NOT one in the same and NOT always offered together. Also, don't confuse check gurantee with check verification---two drastically diffferent animals.BTW this system is also known as 'check conversion'.

          #2. There is a reputable outfit out of Houston that offers free NSF collection of checks. I know it sounds too good to be true, but it isn't--they make their money on NSF fees which different states allow in varying amounts.
          Note this is ONLY for NSF--you get paid 100 cents on the dollar for every check successfully collected. When used properly, this is a wonderful alternative to check guarantee and verification for some (not all) merchants.

          I'd be happy to share details if anyone is interested.