Check Verification and Recovery Services
Until now, converting checks into electronic transactions and collecting fees automatically has only been a dream. Advances in technology as well as bank regulatory changes have created the opportunity to turn that dream into reality.
Electronic Check Recovery:
The two major functions the system performs are NSF check processing and automated fee collection. The system operation is very simple. The returned check is swiped through MICR reader, at our offices. The bank and account information is captured and sent to a data center. This process converts a paper check that normally could not be deposited, into an electronic transfer, which can. The transfer is then submitted to an Automated clearinghouse for payment. All electronic requests for funds are paid before paper requests. This gives you "First Priority", to receive funds on the same business day, when multiple transactions may be occurring on the same account. We can also schedule certain key dates throughout the month, such as the 1st, 15th, and the 30th to maximize the opportunity to collect your money. Since the check bypasses your bank there are no NSF charges to your account for non-payment.
Check Verification Database:
Being able to collect on NSF checks still doesn't protect you from fraud and closed accounts. At Pacific Creditors Association (PCA) we utilize a national database to track closed accounts, fraudulent accounts, or accounts which have unpaid balances is a key element to our powerful check verification and recovery services. The verification system provides the capability to accumulate individuals ID's associated with one or more accounts. All checks, which are still unpaid, exist as entries in the database, these are known as negative files, and will give a response of "Decline". Information is also provided on the amount of unpaid checks, total dollars owed, and a phone number to call. This database is a benefit that is provided to all PCA's clients to reduce fraud. There is no charge for this service.
Pacific Creditors Association:
Since we all know that no system is perfect and some checks will bounce it is vital to have an effective recovery service behind you. PCA was established in 1947 and since has become a recognized leader in the collection industry. One of the main reasons for our success is the understanding that there has to be a balance between collection money and our clients need for repeat business.
