Understanding Electronic Check Recovery
Electronic Check Recovery shortens recovery timelines and
enhance recovery results. Shorter recovery timelines increase
sales by allowing check writing customer to resume shopping
sooner and decrease bad debt write offs.
Electronic Check Recovery involves the pursuit of items returned unpaid by the check writer‘s financial institution.
- Accelerated notification of returns (two to four days after deposit) allows faster response and substantially reduces bad debt write offs.
- Account monitoring re-deposits checks to known available balances.
- Increases bank balances by accelerating recovery timelines.
- Additional opportunities to re-deposit returned items enhances recovery efforts.
- Reduces time check writers spend in “negative” check acceptance status.
- Reduces total dollars outstanding in unpaid check items.
- Substantially improves overall NSF recovery rates.
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Electronic Check Recovery eliminates these costs in the Recovery Stage:
- Reduces Unrecoverable Returned Items
- Eliminates In House Negative Database Maintenance
- Check Recovery Fees
- Demand Letter costs
- Certified Mail Fees
- Legal Filing Fees, Etc.