ALEXANDRIA, Va. -- Members of the National Association of Convenience Stores (NACS) are now eligible to participate in a new program that allows them to eliminate their costs associated with checks returned for non-sufficient funds (NSF), the group said.
NACS signed an agreement earlier this month with eCashflow Systems, which allows members to eliminate the time and expense associated with NSF checks, estimated to cost more than $95 per returned check in banking fees and lost employee productivity.
More than 82% of c-stores accept [image-nocss] checks, accounting for an estimated 7.2% of all payments, according to statistics in the NACS 2006 State of the Industry report.
The new agreement witheCashflow Systems allows NACS members to pass the costs associated with NSF checks to the writers of these checks, and there is no cost to the retailer, who receives 100% of any check collected.
eCashflow's patented technology offers three re-presentments to the bank for payment (versus two for the normal paper method), said NACS.
Contact Doug Spencer, NACS products and services manager, at (703) 518-4293; dspencer@nacsonline.com.
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