Electronic Check Recovery Saves Time and Money
If your business accepts checks for payment, it’s inevitable that a bad one will slip through at some point. Regardless of whether a check bounces because the writer made an innocent mistake or if he or she deliberately committed fraud, the costs to businesses are high: By some estimates, nearly $50 million in bad checks are written every day, and that doesn’t include bank fees and other costs associated with collection.
Bad checks can take a huge bite out of the bottom line, but there are ways to protect your business. Electronic check recovery is a simple and affordable way to collect on bad checks.
How Electronic Check Recovery Work
When your small business accepts a check, it usually takes a while for the check to clear, which means that any problems with insufficient funds aren’t discovered until days later. Bounced checks cost you valuable time and extra bank fees, not to mention the lost money from the sale.
Electronic check recovery removes the risk and saves you time and money. When you use a bad check recovery service like Global Check Recovery, the service will represent the check to the bank electronically (usually up to two times) on your behalf.
Instead of making phone calls and chasing down the customer or dealing with the bank yourself, the agency converts the check to an electronic transaction, like that made with a debit card. If the funds are available — or the bank allows for overdrafts — that money will be transferred to the recovery agency and then forwarded to you.
Why Electronic Check Recovery?
Electronic check recovery is effective because financial institutions usually prioritize electronic transactions before others. Check recovery services also use their in-depth knowledge of banking procedures and consumer behavior to time electronic requests to improve the chances of collection.
Most importantly, though, electronic check recovery allows business owners to focus on running their businesses, not chasing down bad checks. All you need to do is submit the bad check to the agency. They take care of the rest, and will automatically transfer any funds collected on your behalf into your account.
If your small business accepts checks as payment, contact Global Check Recovery to make sure you don’t lose money due to bad checks.