|
|
MaxCheck – letting you collect your NSF and other returned
checks with MINIMAL EFFORT and LITTLE OR NO COST.
MaxCheck is a HANDS FREE and COST FREE way to collect your
RETURNED CHECKS – getting you more money, sooner, and at a much lower
cost than any alternative.
With the MaxCheck service, you control a proven,
effective debt recovery process – one that lets you convince debtors
to make good on their bad checks, before those debts turn into
losses. By using MaxCheck to take control
of the process yourself, rather than turning accounts over to a
collection agency, you get consistently better results.
MaxCheck is designed for clients with a large number of NSF items
each month. (MaxCollect, our flagship
service, is excellent for recovering dishonored checks if you have
only a few each month.) MaxCheck is a much more logical and
effective strategy for check recovery than using traditional collection
methods or expensive guarantee services.
What is the MaxCheck System?
How does it Work?
How will it benefit your business?
What are the average RESULTS?
|
|
What is MaxCheck?
MaxCheck is a service that lets you outsource your NSF
recovery process, eliminating virtually all internal effort.
Yet you stay in complete control:
- You manage your own list of debtors, and make all recovery decisions.
- Your debtors remain your clients; they do not get turned over to a third party.
- Funds are paid directly to you (or to your Retained Attorney).
MaxCheck places the most effective and proven debt recovery tools at your disposal:
- MaxCheck sends each debtor a series of seven
increasingly-intensive collection letters, sent on a
biweekly cycle. The first four letters
are printed with your return address; the final three come from
your Retained Attorney.
- A scanned image of the bad check is printed on each letter, providing your debtor with
prima facie evidence of the debt.
This eliminates many possible disputes with the check writer.
- The letters have real impact – they state that nonpayment risks
Attorney follow-up and Credit Bureau action. These consequences
can legally be mentioned in MaxCheck letters, because they are built
into the recovery process – they are a “credible threat.”
(Most collection letters cannot legally make such statements.)
- Your Retained Attorney is standing by to take action on debts that
are not settled promptly. Your Attorney works directly for you, not for
MoneyQuest; you make the decision whether and when to litigate, or to
take other actions. You and your Retained Attorney share access to
the same data records, making Attorney involvement a seamless and
efficient part of the recovery process.
- At all times, you remain in control of your debtor accounts.
Using the MoneyQuest website, you have complete access to information
about recovery progress, and complete control over recovery actions.
|
|
How it Works... The Process
When a check is returned to your bank, immediate action begins
to produce effective recovery:
- You instruct your depository bank to forward all returned items
to our processing center immediately, so we can capture your data.
- We SCAN a copy of the check into the database, and add an
optional $10 to $25 service fee to the face value of the check.
This fee, like all other recovered funds, is paid directly to you
(or to your Retained Attorney).
- We then commence mailing a series of courteous (but very effective)
collection demands to the debtor (“client letters”).
A facsimile of the actual check is printed on the letter,
providing irrefutable proof of the NSF to the debtor. Each letter
has your own return address (or later, your Attorney’s address);
your debtors are never aware that
MoneyQuest even exists.
- If a check remains unpaid after the final client letter, we will
transmit the account to your Retained Attorney for review.
A series of stronger, increasingly demanding letters are then
sent on the Attorney’s letterhead. If this series of
letters does not lead to payment, your Retained Attorney will then
decide how best to proceed – making telephone calls,
sending a final letter warning of litigation, and
(with your approval) filing suit. Since your Attorney works for
you, not for MoneyQuest, you control all collection decisions
throughout the recovery process.
- The debtor is instructed to send payment to your collection
address (or later, to your Attorney) throughout the process; you
receive 100% of all monies paid.
- Upon resolution of the check, MaxCheck will, at
your option, mail a “thank you” letter from you
to the check writer.
- If the check remains unpaid, MaxCheck will, at your option,
transmit the debtor data to one or more national credit reporting
bureaus.
- Each month, a detailed Account Status Update Report is prepared
and made available electronically, summarizing all activity to date
on all checks submitted to MaxCheck.
|
Benefits
|
- Your cash flow will improve dramatically, because you receive
all payments directly – and because your collection demand
is intensified and applied immediately. This process reinforces
your bank’s recovery efforts; and it adds a much more
powerful process than would be possible using just your
internal administrative efforts, or a collection agency.
- Recovery will be significantly increased, because the
process is immediate, and because every legal collection
alternative is used – and is communicated to the debtor.
- Security of funds will be maintained, because
you receive all payments – even though you never have
to touch a returned check again.
- Collection cost will be little or nothing – your
enhanced service fee recoveries should more than offset the
MaxCheck processing cost.
You will also reduce excessive returned item bank fees; and
since you never have to touch a returned check, you will have
a real savings in internal expenses.
- Best of all, MaxCheck provides a less time-consuming and
less burdensome way to collect NSF and other dishonored checks.
|
Results
|
Your collection results will depend on various factors, including
your industry, geographic location, type of clientele, average
check amount, and check acceptance policies. Typical clients
experience results like this:
- OVERALL RECOVERY RATE: 75%-85%
- AVERAGE COLLECTION COST: <0.1%
|
|
