Payday Loan & Car Title ACH Alternative – The Offering:
Image Cash Letter: A web based portal that will allow for the following:
1) Collection of payments in as early as 1 day
2) Verification of the account prior to deposit to minimize return items and fees (option to push payment regardless)
3) The ability to collect payments by batch, single payments and recurring payments
4) The ability to use the system for scheduled and unscheduled collection payments
5) The ability to use account verification independent of payment processing
6) The ability to push money to customers
7) The ability to collect from persons or businesses.
There are no reserves or extensive underwriting like ACH as the company does not hold your funds or provide you credit. All funds flow directly from your customers account to your account. If an item is returned, it is returned into your account. We do not charge return fees.
The first service is defined as E Check Draft. An Electronic image is printed out and submitted to your bank for payment. If you bank with Chase, BBT, SunTrust, 5th 3rd or PNC, Payment is credited next day. This is RDC but we create and scan all the items. If you bank at any other bank, payment would not be removed from your customer’s account for 3-5 days and credited to your account.
The preferred solution is ICL (image cash letter) which is also built into the system. This will allow for an electronic file to be set up directly with the bank. This is not check 21 and no image is required to be printed out. This can work with any bank and generally takes 2 weeks to set up. We can guide you on the steps necessary to request this product from your bank so that we may set up ICL. In that case, regardless of where you bank, the money would post out of your customers account next day.
Differences from RCC
ICL creates an electronic file and not a check image like RDC or RCC. RCC takes at least 1 day or more whereas ICL funds enter your account same day if before cut off.
It’s a much faster delivery. Quicker by at least a day over RCC.
Its posts direct to fed same time as bank.
The bank is hands off so they are happier with little involvement on their side once it is set up.
For example with Chase, if you were to send 10,000 items now by 8 pm, they would post SAME DAY unless bank has special holding rules.
We pre-scrub each item (included in fee) so you know if it’s bad before you send it! This greatly assists you in your decision process.
This SERVICE WILL greatly reduce returns and help in the collection process.