The Electronic Check Opportunity

It’s time to get on board with Electronic Check processing.  Perhaps you have seen “electronic checks” growing in your area.  The cashier will feed a paper check into a “check reader” or “check imager”, and then hand the check back to the consumer.  Instead of signing the check, the consumer signed a receipt, very similar to that found in a credit card transaction.

So what just happened here? 

The check reader picked up the numbers on the bottom of the check, referred to as a MICR line.  This information was sent via Internet to a processing center where the check was verified against a list of known bad checkwriters.  The  MICR line and the dollar amount of the transaction were then stored in a database to be batched out later that night.  Once batched, the MICR information was electronically sent to the checkwriter’s bank where the money was withdrawn and forwarded to the merchant’s bank account.   For this the merchant pays a “transaction fee”, usually between $0.10 and $0.25, and this creates opportunity No. 1.

Although this process has the appearance of being “real time” it actually is not.  The MICR information is sent out later that night and doesn’t actually arrive at the checkwriter’s account until the next day.   While the majority of transactions are successful, a certain percentage of transactions will be rejected by the checkwriter’s bank for non sufficient funds, thus creating opportunity No. 2. 

Ok, how do you make money on this?  Simple.  A convenience store accepting 35 checks per day will be billed for 1,050 checks per month.   If you net $0.15 per transaction, opportunity No. 1 will provide you with $157.50 in commissions each month.   Opportunity No. 2 comes from using our proprietary software to electronically represent the transactions that are returned as NSF. 

Nationwide averages show us that approximately 1%, or 11 check transactions will be returned out of the original 1,050.  Each of these transactions can be electronically redeposited, along with an additional $25.00 NSF charge.  Statistically, 65% of these items will clear when electronically redeposited, creating an additional $175.00 in profit.  ((65% of 11 items electronically redeposited = 7)  (7 X $25.00 = $175.00)) 

Your combined commission on this store is $332.50 monthly!  

In the above illustration we described a convenience store that was converting their paper checks into electronic checks, but our software works great for collecting failed “paper checks” as well!   Failed paper checks can be entered into the software and converted into electronic transactions to be resubmitted to the checkwriter’s account. 

The Check Assist opportunity is different!  

Most of the electronic check collection opportunities that we have seen work pretty much the same way.    You do the sales, somebody else does the processing, and the collected fees are divided between the respective parties. 

For a large segment of the people, this sales/processor arrangement will work very well.  But if you are looking for the opportunity to move beyond the limitations of a sales agent, then you need to cut the middleman out, and that's what Check Assist can offer you that the others can't.   

At Check Assist, we create, sell and support the best electronic check collection software available in America today.   Our electronic check collection software makes short work of processing electronic checks through the Automated Clearing House (ACH).  The merchant gets his money and you get to keep the NSF Fee (usually around $25.00 per check.  You do the math, collect 10 checks a day, make $250.00, collect 20, and make $500.00, etc.

When you use our software you will be building your own business.   The accounts that you sell will now be your accounts, and the business you build will be your business, not somebody else's.  And as the owner of your business,  you keep all the money, not just a percentage of it. 

We are excited to be able to offer you the opportunity to join the growing number of professionals that are capitalizing on this exciting new method of check processing and fee recovery.  We feel that when you compare our investment fee against that of any other high-income business opportunity, that you will quickly see that our program is not only the easiest and best valued opportunity, but it also offers you the highest income potential of any comparably priced opportunity.

• When you receive an NSF paper check or failed ACH transaction from one of your merchants, you enter it into your software and schedule it for an electronic re-presentment.  You may select any date that you wish but targeting "smart" dates is recommended.  Smart dates are Fridays or the 1st and 15th of the month.  The software automatically calculates the proper NSF charge for the store that the check was written to.
• On the chosen date, you press the export  button on your software and the checks are sent via the Internet to our processing department.  Here the checks are batched into electronic debits and are processed through the ACH to be debited from the checkwriter’s bank account.
• Once the money has been debited from the checkwriter’s account, it is electronically transferred into your business account.  The software determines how much of the collected money belongs to you and how much belongs to your client.  A detailed recovery report is created and sent to the client via email, while at the same time your client's money is electronically transferred into his account.
• Not all items will clear on the first electronic attempt, and these checks will need to be rescheduled for a second attempt.  (Both paper checks as well as failed electronic checks may be re-presented a total of two times electronically).
• The software will gather all the checks that need to be re-presented a 2nd time and will create a computerized file that is used to verify the availability of funds in the checkwriter’s account.  When you determine that money is available, you release the check and it is sent back through the ACH to be debited from the checkwriter’s account.
• The software that you will receive is a complete check management system.  You don’t have to concern yourself with whether the paper or electronic check qualifies for re-presentment or not, as the software already knows the rules that govern the electronic check collection process.  If the item doesn’t qualify to be electronically collected, the software won’t send it through the ACH. 

The software has been designed to conduct a series of procedures and reports that when performed daily or weekly, will aid you in the organizational procedures of your day-to-day collection activity.  Remember, this software was developed by collection professionals to facilitate the business of processing and managing check recovery.  

So, what does it cost and what can you expect to receive?

Other companies offer commissions, we offer ownership.