eCashflow and NACS Parner on Electronic NSF Check Collection Services

eCashflow Systems LLC, a division of ePayments Corp., has signed an agreement with NACS, the association for convenience and petroleum retailing, to provide returned check collection (RCK) services to the retail trade association’s members.

Under terms of the agreement, NACS members will be able to use the eCashflow Systems iSmart Check Rapid Recovery technology for non-sufficient funds (NSF) 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.

"We’re pleased to partner with NACS for a service that provides its members with tremendous benefits at no additional cost," said Rod Hill, eCashflow Systems’ President and Chief Sales Officer. "Most NACS members accept checks and currently expend a great deal of time and money chasing down bad checks. With eCashflow’s automated iSmart technology, NACS members will receive:

• 100 percent of any checks collected
• a free service since all collection costs are passed on to the bad check writers
• an effortless, non-invasive automated electronic process performed ‘behind the scenes’"

According to the 2006 NACS State of the Industry report, more than 82 percent of convenience stores accept checks, accounting for about 7.2 percent 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 members seeking more information on the program can contact Doug Spencer at (703) 518-4293 or dspencer@nacsonline.com.