An NSF Check is a check that was returned to the merchant because there was Non- Sufficient Funds, or not enough money in the check writers account to cover the check at the time that it cleared the merchants Bank. A Hot Check is a check that was returned for non-sufficient funds, or for one of several other possible reasons, including the checking account being closed or if the check was fraudulent, forged, or stolen.
Whether you are a Fortune 500 company or a start up business, receiving a Hot Check/NSF Check is a frustrating, costly, and time-consuming situation. Besides negatively impacting your bottom line and hurting cash flow, dealing with hot checks consumes valuable time and resources that could be better spent on growing your business.
This situation can be so discouraging that many merchants have stopped accepting checks altogether. While solving the hot check problem, not accepting checks effectively closes the door to a large segment of the buying public who will take their business elsewhere if their check is not accepted.
Even when a check clears, there is a hard cost to check acceptance. They must be verified, reconciled, physically deposited at your bank, and then processed by the bank, which typically means several days will pass until the funds are available. Most banks also charge a per item deposit fee between $0.05-$0.25 per check, and returned check fees to the merchant between $3.00 - $30.00 per Hot Check-talk about getting hit twice!
Veritrans Merchant Services, a national leader in electronic payment processing services, has the answer to your Hot Check or NSF Check headaches. Since not all businesses are the same or have the same needs, we can custom design a program that's right for your business.
We can show you how to help your business:
* Accept more checks with minimal risk
* Minimize or eliminate collections operations
* Make fewer trips to the bank
* Produce bank fees and processing costs
* Improve cash flow
* Streamline back-office operations
* Reduce the risk of lost stolen or damaged checks
* Protect your customers personal information
We can show you how to help your customers:
* Reduce the likelihood of identity theft
* Manage accurate record-keeping and easy balancing with checks
* Select the payment option that they prefer to use
Contact Veritrans today for a free, no obligation consultation of check acceptance options for your business. Whether you have a storefront, an online business, or need to accept checks at a trade show or on the road, Veritrans has a solution that will fit your
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An NSF Check is a check that was returned to the merchant because there was Non- Sufficient Funds.While solving the hot check problem, not accepting checks effectively closes the door to a large segment of the buying public who will take their business elsewhere if their check is not accepted.
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