While their usage isn’t what is once was, checks are still one of the most accepted ways of making payments, especially for the estimated 41% of Americans making less than $40,000 annually who don’t have a credit card account. And according to the Federal Reserve, businesses and consumers still prefer checks for certain types of transactions – especially large ones.
Checks are certainly more affordable than accepting credit card or even ACH payments, but recovering payments denied due to an account not having sufficient funds can be a painful and costly experience. Unless of course, you implement check representment using the feature-rich yet highly intuitive check recovery application developed by Profituity.
Based on the same enterprise-level software utilized by Profituity to power check representment services on behalf of large financial institutions, this innovative application will enable your organization to successfully recover up to 70% of NSF checks by automating the process of attempting to redeposit returned items up to two (2) additional times.*
It works because checks typically bounce due to a timing – most check writers intend on paying, but sometimes they simply mismanage their account balance.
Plus, the built-in ability to also collect an NSF fee in accordance with state law makes the low monthly subscription even more affordable as the solution can potentially pay for itself!
Key Features and Benefits
Built-in workflow is readily configured to support your unique business needs
Secure and fully compliant with NACHA regulatory requirements
Robust and easily customized reporting capabilities
Quickly generate and distribute form letters
Prefer to outsource? Ask about our turnkey service bureau!
* Historical recovery rates experienced by current customers. Your results may vary.