Bad Check Collection - Collecting Bad Checks for Small and Large Businesses

Description:

One of the most popular ways to deal with bad checks is to “outsource” the problem. There are now collection services that specialize in bad check collection, and some of them have a sign-up cost or are completely free.

Content:

How do most businesses deal with bounced checks? Some contact their local District Attorney and ask the Prosecutor’s office to help collect a bad check. While the District Attorney can be a good option in some cases, this usually requires some paperwork and the collection process can be very slow. Others try to make phone calls and send out letters, tactics which are also often ineffective.

There are services that will actually purchase NSF checks. Businesses often receive a certain percentage of a NSF check’s face value. This is an easy way to dispose of some NSF checks. Another choice for many businesses is a “check guarantee service.” These are like an insurance policy (several businesses pay into the guarantee service every month and the payments help offset the loss from the returned checks). Unless a business mainly receives high dollar checks (several hundred to several thousand dollars per check), these services benefit only one party: the check guarantee service. Why pay a company to accept checks?!

For most businesses the best choice is a bad check collection service. There are many check collection companies to choose from; a partial directory of check recovery services is available at www.bumchecks.com/returnedcheckservices (see the bottom of this page). In some cases a check collection service will work with your local District Attorney.

If you are considering a check collection service, you may want to learn a little about your “state bad check fee” (see www.bumchecks.com/statefees for this information). The state bad check fee is a cost paid by bad check writers and it is the way many check recovery services make their services free to businesses.

Author: Brad Price

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Written by Brad Price, a nsf check collection representative, who may be contacted through www.bumchecks.com

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