ePayments subsidiary eCashflow Systems has signed an agreement with NACS, a US-based association for convenience and petroleum retailing, to provide returned check collection services to the trade association's members.
Under the terms of the agreement, NACS members will be able to use eCashflow Systems’ iSmart Check Rapid Recovery technology for non-sufficient funds collection at no additional cost.
eCashflow Systems’ technology enables three presentations of bounced checks to the bank for payment instead 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.
Most NACS members accept checks and currently expend a great deal of time and money chasing down bad checks, said Rod Hill, eCashflow Systems’ president and chief sales officer. 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.’
According to the 2006 NACS State of the Industry report, more than 82% of convenience 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.
NACS represents more than 2,200 retail and 1,800 supplier company members. NACS member companies do business in nearly 40 countries around the world, although the majority of members are based in the US.