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If your business experiences a significant volume of returned consumer checks and you are interested in collecting NSF checks in-house electronically, then EPP can provide the optimal software solution. Business Benefits More Presentments Paper checks may be presented a total of two times (the initial deposit and one re-presentment). Electronic re-presentment allows a third submission. The third time is the charm because tests reveal that on average, the third re-presentment collects an additional 25% to 50% of the remaining outstanding NSF Checks. First Claim To Available Funds Electronic transactions receive first claim to any cash in an account. Banks routinely post electronic items to consumer accounts before they post paper checks. Lower Processing Costs Electronically processing NSF checks via EPP's software is so efficient that an entry- level Collector can process thousands of checks weekly. Eliminate Bank NSF Return Fees Banks charge businesses NSF return fees of $5 to $20 per returned paper check. No return fees, however, are charged for ACH electronic transactions on NSF returns, only minimal electronic transaction processing fees. Timing is Crucial Re-presentment timing can be critical to collection efforts. For example, if re-presentments are timed to debit an account after payday-on the first or fifteenth of the month or on a Friday-collection ratios increase because check-writers' accounts typically have higher account balances. Faster Notification Presenting a paper check manually and settling the transaction may require seven days or more. When re-presenting NSF checks electronically, however, the time is reduced to 24-48 hours, resulting in more efficient collection rates. Collection Ratios as Much as 85% NSF Check recovery collection ratios have exceeded 85%, based on the age of the check when processed electronically. In some cases, this recovery is more than double the collection ratio of checks submitted manually. Electronic checks are processed earlier, clearing ahead of checks written days earlier. Cost Effective Recovery Collection Manager software is so efficient that companies can justify processing lower-dollar receivables without fearing high NSF return fees. Fast Turn-Around Time Qualified NSF checks are paid electronically within 24-48 hours. No Accounting Nightmares The automatic posting of settlements matches the paid checks and lists for immediate follow-up of those settlements that didn't clear.
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