E-Collections
Electronically Redeposit Returned Checks to Improve Your Collections.
Improve your collection process by replacing paper redepositing of returned/NSF checks with Strategic Check's electronic representment service. Unpaid items are a significant expense for your business, and increasing collection through the depositing system, prior to having either to absorb the cost or to turn the item over for outside collections, could greatly improve your bottom line. Consider Strategic Check Collect! Electronically presented checks are paid before paper items; electronically represented items are paper representments. Electronic representment results are known within seventy-two hours, versus weeks or paper redeposits. We also specialize in NSF recovery, online checking achieve, and auto deposit
How Does It Work?
- Strategic Check Collect is available either as an adjunct to our other Strategic Check Deposit services, or as a stand-alone product. If you business is not otherwise a Strategic Check client, an online account will be established for your to use Strategic Check Collect.
- When you have been advised of a returned item, either electronically or by return of the physical check by your bank, you may log onto your account and select the returned item (if not otherwise a Strategic Check client, you may scan the check image into your account.). You then direct Strategic Check Collect online to electronically redeposit the returned items.
- Strategic Check Collect will electronically redeposit NSF items, and will do so twice for consumer checks.
- Strategic Check Collect will deposit to your account the full face value of returned checks that are collected.
- Strategic Check Collect will return uncollected items to you, with the reason for their return; return check fees will be collected electronically from your deposit account.
Benefits to You
- Strategic Check Collect’s electronically represented items are typically collected at a rate 25% greater than paper representments.
- Strategic Check Collect returns customers to paid status sooner.
- Strategic Check Collect collects NSF items without the need for customer communications.
- Strategic Check Central works for any type of check (consumer, business, payroll, travelers, etc.)
- Strategic Check Collect’s software and online access is complimentary. Non-Strategic Check Clients may need to purchase an inexpensive check scanner.
- Strategic Check Collect provides 24/7 online access via a user-friendly interface to returned item data and images, and to reporting easily downloaded to your Accounts Receivable software.