Area of Concern
You receive a fair amount of returned deposited items (Bounced Checks) that you receive.
Summary
When a bad check is returned to the vendor, he has one more chance to submit it. If it bounces again, it then is considered a promissory note and must be collected manually. The service available allows the bounced check to be delivered to service bureau that will set up an “electronic sponge”, on the bad check writer’s account. The next time funds are deposited into the account, the “sponge” automatically sends the amount of the bad check to the vendor’s account. This prevents the vendors staff from having to chase the money.
When a bad check is returned to the vendor, he has one more chance to submit it. If it bounces again, it then is considered a promissory note and must be collected manually. The service available allows the bounced check to be delivered to service bureau that will set up an “electronic sponge”, on the bad check writer’s account. The next time funds are deposited into the account, the “sponge” automatically sends the amount of the bad check to the vendor’s account. This prevents the vendors staff from having to chase the money.
Required for Review
An idea of how many bad checks the client receives in a given week or month.