Most businesses have faced the reality of cashing the day’s or week’s checks only to have one bounce for insufficient funds. If your business has a small customer base, it may be worthwhile to handle the situation face-to-face. However, bad checks can be a serious problem for larger businesses. Customers are often unknown besides basic identification, and bad checks are a more frequent occurrence. Check collection services are an important part of effectively running the financial aspect of your business and therefore you need to do some research on what a service can actually provide. Take a look at some of the common features before starting your hunt for the best.
Limitations on Services
Many businesses use collection agencies for processing and recovering the dollar amount of bad checks. This introduces several limitations. Collectors generally require a minimum number of checks each month, which prevents some businesses from maintaining an account. They also place a service charge on each check, which means your receipt is less than the total amount.
Another problem with collection agencies is a lack of coverage. They typically do not process out-of-state checks. This means businesses must limit the allowable forms of payment and likely miss out on some sales. Collectors also require minimum account sizes and check transactions.
Check Collection Services 2.0
You have a better option for check collection services with GlobalCheckRecovery.com. You receive the full amount of every processed check with the fees coming out of the bank fee. There are no minimums on account size, transaction size, or monthly processing. You also have a one-stop processor for all checks drawn on U.S. banks. Your account can be closed at any time without worry of fees.
A standard provision for accounts is access to an online profile with statistics on your submitted and processed checks with downloadable merchant reports. You’ll also receive weekly reports on the recovery progress. Clients are issued funds from processing once per week, and the total recovery rate is about 20-30 percent greater than with traditional check collection services. You’ll feel more confident accepting check payments with the right check collection services.