DENVER -- eCashflow Systems LLC, a division of ePayments Corp., has signed an agreement with the National Association of Convenience Stores (NACS) to provide returned check collection (RCK) services to the retail trade association's members.
Under terms of the agreement, NACS members will be able to use the eCashflow Systems iSmart Check Rapid Recovery technology for nonsufficient funds (NSF) collection at no additional cost.
eCashflow Systems' technology enables three presentations of bounced checks to the bank for payment instead [image-nocss] of the usual two with the traditional paper method plus an integrated no-cost "traditional collections" option for the small percentage of checks that cannot be collected electronically.
"We're pleased to partner with NACS for a service that provides its members with tremendous benefits at no additional cost," said Rod Hill, Dnver-based eCashflow Systems' president and chief sales officer. "Most NACS members accept checks and currently expend a great deal of time and money chasing down bad checks.
With eCashflow's automated iSmart technology, NACS members will receive 100% of any checks collected, a free service since all collection costs are passed on to the bad check writers and an effortless, non-invasive automated electronic process performed behind the scenes, he said.
According to the 2006 NACS State of the Industry report, more than 82% of c-stores accept checks, accounting for about 7.2% of all payments. NACS estimates that retailers currently incur more than $95 in costs per returned check due to banking fees and lost employee productivity.
eCashFlow Systems specializes in working with companies and organizations of all sizes who handle payments in the form of check and credit card transactions. Since U.S. banking system rules were changed to allow businesses to use the Automated Clearing House network (ACH) and Check 21 methodologies to electronically process checks from customers, a new industry of providers has emerged to support businesses with electronic check conversion, electronic NSF collection and related compliance services. And ePayments Corp. has emerged as the provider of these services in an industry characterized by single-store and mom-and-pop operations.
Offering a variety of merchant check and credit card payment processing and support solutions, eCashFlow Systems helps organizations that receive noncash payment transactions to reduce their risk while increasing cash flow. Unlike the traditional support players such as banks, eCashFlow Systems has evolved the technologies and processes associated with accepting checking payments to reduce the costs required to process all forms of payment. The company provides the complete range of processing services, including electronic RCK, electronic check conversion (ARC and BOC), Check 21 conversion, check authorization, check guarantee, check-by-phone/web, consolidated returns, Electronic Payments Compliance Assessments and credit card processing.
NACS, Alexandria, Va., is an international trade association representing more than 2,200 retail and 1,800 supplier company members.
Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.