eSoftPay
Vs Conventional
Below
is a comparison between the typical "Paper" deposit
process and the eSoftPay
electronic
deposit.
The
Deposit Process
Traditional
paper check deposit
-
Gather
up your paper checks.
-
Fill out
the deposit slip.
-
Drive across
town to the bank. (Who knows how long this takes?)
-
Stand
in the teller line.
-
Pay to deposit
each item
-
Drive
back to the office.
-
Funds
availability? (In-town checks - 2 days, out of town
checks - 5 to 7 days.)
eSoftPay
electronic deposit
-
Gather
up your paper checks.
-
Scan
them with the eSoftPay
imager. (2 seconds per check!)
-
Click
on the "Transmit Deposit" button.
-
Done!
(Total time, a few minutes, even if you stopped to answer
the phone a few times!)
-
Funds
availability? (24 - 48 hours, regardless of the checks
origination.)
Unfortunately,
no matter how you deposit your checks, you are always going to be susceptible
to returned items, or NSF checks. How you handle the NSF
item can make all the difference, as the comparison below will
show.
The
NSF Return Process
Traditional
NSF return and recovery
-
Bank
sends notification that an item has been returned. (Usually 7
- 10 days after deposit. This time delay can be very detrimental,
especially if you are
providing a service, e.g. Insurance, Rent,
etc.)
-
Bank
charge? (Anywhere between $3.50 - $7.50)
-
Your
options? Call the checkwriter and try to recover the
item yourself, or send it to your check collection agency.
-
Best
case scenario? Your check recovery company recovers
your money sometime during the next 30 days.
eSoftPay
electronic
recovery process
-
Check
Assist notifies you of returned items within 24-48 hours
after deposit. Returned information is also available
via Internet access, 24/7.
-
Returned
item fee is $0.35
-
Your
next option? As an eSoftPay
user, you can
sit back and relax while our automatic web Interface
electronically re-presentments the returned item for you.
-
And,
if
you have provided proper notification in your statements or
at the point of sale, you can even collect the state
authorized NSF recovery fee, all automatically. (These
NSF fees are generally set by the state and are usually
$25.00 - $30.00 per returned item.)
-
The
end result? NSF items are recovered much faster, and
you have made an additional $25.00 - $30.00 on each
recovered item.
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