Sometimes the payment life cycle forks in the wrong direction
It is possible to guarantee your ACH billing. However, for most businesses the best practice is to self insure your NSF items and then use our suite of free recovery and collection solutions.
Re-presentment and recovery solutions are included for free as part of your ACH processing service. We will re-present the item and pay you 100% of the “face-amount” of the recovered item. We will keep the allowable NSF fee for our collection effort. If Electronic Recovery fails, items are automatically moved through our enhanced recovery phases below.
Submit your NSF Paper Checks for Recovery
When a bad check is written, Electronic Recovery electronically debits the checking account of the individual who has written it from any bank in the US Federal Reserve system, along with a state-allowed NSF fee. 100% of the face value of the check is remitted to you, while we retain the NSF fee. The paper check limit for electronic recovery is $2,500. Checks over this limit are automatically moved through the enhanced recovery procedures below.
- Consolidated Returns enhances the convenience and automates the Electronic Recovery process by routing your returned checks directly from the Federal Reserve electronically. This results in checks being received 4-6 days faster than by regular mail and because the NSF item is not returned to your financial institution, your bank will not charge return fees.
- Endorsement is placed on the back of the check before deposit
- All checks are endorsed and deposited
- Checks that “bounce” at the Federal Reserve are sent directly to us for recovery
In a Traditional Recovery situation, we use an exclusive collection service to “peek” into the customer’s account to verify funds, allowing up to eight attempts to verify that funds are in the account before processing the debit. There is no check limit with Traditional Recovery. If unsuccessful after 60 days, the collection moves to our Legal Recovery phase. At this point, 70% of the face value of the check is remitted to you if collected. Legal Recovery is a phase were we pass the debt or check or transaction (whatever the item being collected is) and send it to various attorneys around the country for legal action to try and collect.
- If your organization wants to be involved in the initial recovery process, our Partner Recovery solution allows us to work together in the recovery process. If your recovery effort is unsuccessful, we will take over the recovery process.
Debt Recovery helps collect client debt that has typically been written off. The Debt Recovery solution is designed for a variety of debt situations subscription service providers that have outstanding balances and trade credit charge accounts that are delinquent. Our PreCollect Recovery service allows you to send items for account debt recovery without initiating any recovery efforts and receive 100 percent of the principal recovered for the first 30 days. Our Percentage Recovery service allows you to send items for account debt recovery after initial recovery efforts have failed and receive a percentage of the recovered principal, depending on the age of the account.
- Recovery accounts are contacted through a letter, phone calls and/or email
- Contact information is verified via skip tracing
- Accounts are forwarded to a legal network
- Reporting is available online 24/7