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Check Conversion and Cashflow
MyReceivables understands that the relationship between a business and its' customers is an intimate one. As part of that relationship, many small businesses offers its' patrons the ability to pay by check. But along with this personal service
comes risks and rewards. To help you alleviate some of that risk, and improve your cashflow, MyReceivables has created the Check Conversion and Cashflow solution set.
The Check Conversion component is the ability to instantly transform a paper-based check into an electronic ACH transaction. Click here to learn more
about this exciting product.
Along with the the ability for your customers to pay by check, comes the added burden of carrying that risk of "bounced", or NSF'd checks. However well intentioned your customers may be, situations arise that may cause a check they wrote to you to be
returned by the bank for Non-Sufficient Funds. The NSF Funding and Recovery program is a product that helps you maintain more control over your cashflow while reducing the risk of NSF checks.
NSF Funding and Recovery
To get the most from your NSF check recovery, you need a strong foundation. The MyReceivables NSF Funding and Recovery System improves your Cash Flow making funds available immediately on your NSF checks.
Program features:
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Funds Availability: Funds are made available immediately on all your NSF checks.
• Improve Efficiency: The system helps you collect your money faster and at a higher rate by improving the flow of NSF checks. And if you currently use
more than one deposit bank, you no longer have to spend time and resources reconciling multiple returns. The system provides you with all your NSF check information on a single statement.
• Reduce Fees: Banks charge high processing fees for every NSF check they process. By endorsing your checks with the special Cornerstone endorsement stamp,
NSF checks are intercepted before they get to your bank, eliminating those fees instantly helping your bottom line.
• Lower Risks: Everyday your returned checks spend moving through the banking system is a day of risk for your business. Electronically
representing your NSF checks dramatically improves the chances of recovering your money. How the System Works: A special endorsement stamp is stamped on the back of the check. If the check is dishonored, the item is returned
to our financial institution instead of the original depository bank. We then make those funds available to you on any check up to $250.00. In addition your bank will not charge you a NSF (Return Item) fee.
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Benefits:
No imaging equipment or software to purchase
No special training for your employees required
NSF funds availability and Cash Flow management
Increased NSF checks recovery ratio
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