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How can BCS provide electronic
check recovery at no charge?
What
is your target market, or ideal customer?
Do I pay anything for this service (is there a catch?)
Is there a fee for traditional collections?
Is there a minimum number of bounced checks I must
have?
Does BCS guarantee collection?
How successful is BCS at collecting the checks?
How do I know you have collected a check for me?
When do I receive my money?
Do I get 100% of the face value of the check?
Do I get a rebate from the return fee?
Can companies outside the U.S. use this program?
What do customers think about the service?
Do I need any special equipment?
Do I need to notify my customers?
What if the check writer does not want to sign the
authorization?
Does BCS collect only NSF checks?
Does BCS collect business checks?
Does BCS collect old checks?
Does BCS Collect third-party checks?
Is your setup fee competitive?
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How
can BCS provide electronic check recovery at no charge?
The efficiency and effectiveness of Electronic Check Recovery (RCK)
means that we collect most checks quickly and without the expenses
associated with traditional collections (materials, postage, filing
fees, etc.). The check writer who bounced the check pays a return
fee that is set by state law. This return fee funds our operations,
and in most cases you will receive a return fee rebate!
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What
is your target market, or ideal customer?
Our service works great for businesses that primarily take checks from consumers,
where the average check is under $200.00 face amount. This includes stores
like convenience stores, pizza and sandwich shops, nail salons, photographers,
doctor's offices, veterinarians, and many more. We also have a large number
of bingo halls as customers.
Stores that take large checks, such
as automobile dealers, are not a good match.
Please Note: We do not service any
third-party checks, in which the check is not made payable to your
store directly.
We do not service checks
written to individuals.
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Do
I pay anything for this service (is there a catch?)
With the exception of the setup fee there is no charge to you unless
you choose to do your own in-house RCK
using our Express program. In that case you will pay a set transmission
fee, and you will get 100% of all collected checks and fees. We
do withhold a percentage (very competitive versus other agencies)
of the face amount of checks that are collected using traditional
methods to offset our increased costs.
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Is
there a fee for traditional collections?
Only if we collect, in which case we retain a pre-agreed upon amount
from 0% to 25% of the face amount of the check. This is withheld
from the collected funds, you never have an out of pocket expense.
You should find that this is a real value, most merchants pay 30
to 50% to their collection agencies. This fee offsets the increased
costs of traditional collections (a certified, return receipt letter
to the check writer costs us $4.42!)
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Is
there a minimum number of bounced checks I must have?
There are no minimums or maximums with our service.
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Does
BCS guarantee collection?
Not for most smaller merchants, however some may qualify for this
service. Quite frankly, guarantee programs are not in the best interest
of most merchants, as the provider must charge more than they pay
out in claims in order to stay in business. And many merchant's
are disappointed in guarantee services; like any insurance there
are "denied claims" and other restrictions.
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How
successful is BCS at collecting the checks?
Success rates vary by industry, amount of check, location,
etc. There is no magic number, but for most merchants we find that
we collect about 85% of their bounced checks. Merchants that use
our verification service see even better results.
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How
do I know you have collected a check for me?
From the time we receive a bounced check and throughout the collection
process you receive detailed reporting.
Reports are sent to you by postal mail or e-mail, and if you choose
to receive e-mail reports you will also be able to access our online
Electronic Reporting System 24/7. Through
the ERS you can access all your reporting, current and historical.
Additionally, you can view and print a copy of the bounced check
itself!
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When
do I receive my money?
All collected funds are deposited directly to your account
weekly. Reimbursement reports are sent
on Fridays, and the electronic deposit to your account arrives the
following week.
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Do
I get 100% of the face value of the check?
In most cases yes. However you may receive partial payment if we
do not collect the entire face amount, or for certain old checks.
Our service agreement contains full details, look for the bold
items in the terms and conditions section.
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Do
I get a rebate from the return fee?
Most merchants get a rebate to cover their actual bank return fee,
up to $5.00, when we collect the item electronically. In VA the
merchant always receives a return fee rebate and the rebate is not
capped at $5.00. In CO merchants receive a $20.00 rebate, and there
is no rebate paid in ID, IN, IO, MO, ND, NY, TN, UT, WV, and WY.
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Can
companies outside the U.S. use this program?
No, only merchants located in the U.S. and U.S. territories
can participate, and we can only collect checks drawn on a U.S.
bank.
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What
do customers think about the service?
Most customers who bounce a check did not mean to do so,
and the Electronic Recovery (RCK)
is very customer friendly as there are no embarrassing telephone
calls to the customer and no need for the customer to bring you
another form of payment. Feedback from these check writer has been
very positive. Customers who meant to defraud you or are non-responsive
will be subject to more stern actions, and we do follow the guideline
outlined in the Fair Debt Collections Practices Act. You can elect
to only use the RCK portion of the service if desired.
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Do
I need any special equipment?
No, but currently you will need to stamp
the check (or add appropriate wording to an invoice, agreement,
receipt, etc. that the customer signs and returns to you) so that
the return fee can be collected electronically. See "Do
I need to notify my customers?" for more details.
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Do
I need to notify my customers?
Yes, NACHA rules for Electronic Check Recovery (RCK)specify
that notification must be placed at the point of sale if the face
amount of the returned check will be collected electronically. Additionally,
a signature
authorization is required to collect the return fee electronically.
When your account is set up we mail a startup
kit which includes all necessary signage and materials.
If you do not have a retail storefront
then you will simply add appropriate wording
to an agreement, receipt, etc.
If you can not get a signature we
can still collect your checks. Terms may differ from our standard
offering, as the authorization to electronically collect the return
fee is part of what allows us to provide our service at no charge
to you.
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What
if the check writer does not want to sign the authorization?
You should not accept their check, it will be returned.
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Does
BCS only collect NSF checks?
No, we collect returned checks of all types except those
that are stamped Forgery or Stolen. While the electronic recovery
(RCK)
is restricted (currently $2,500 maximum, no business checks, only
NSF returns), other collection methods are utilized as needed.
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Does
BCS collect business checks?
Yes, but only for clients that have primarily consumer
check returns and an occasional business check. Realize that business
checks are not eligible for RCK, so our most successful collection
tool is not available for these checks.
NOTE: Large business checks, >$500.00,
are alomost always uncollectible. If you have large checks written
by another company to your company, we recommend that you consult
your attorney for assistance.
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Does
BCS collect old checks?
Yes, send in any checks you would like collected with your application
and we will get started right away. To date, the greatest number
of old checks that we have received with an application is:
  
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Does
BCS collect third-party checks?
No, this service is not available.
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Is
your setup fee competitive?
We think so. In examining this, we found that other providers charge
setup fees ranging from $99 to $300, for RCK only.
Our service is a total check collection outsource and is not limited
to RCK
permissible items.
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