Paper Drafts

Not quite ready or able to take on electronic processing, but would like to benefit from automating your receivables? You can!

There are many reasons a business might not be a candidate for ACH processing such as a prohibited business, like outbound telemarketers, or a business with less than a great credit rating. Maybe you think you’re too small or just aren’t ready. Maybe you don’t want to wait as long for your money as the hold period ACH standardly has. Paper drafts are the perfect solution for merchants who cannot establish, or do not want, an ACH merchant account.

Pre-authorized paper drafts are an ideal solution for recurring receivables (lawn service, health clubs, tanning salons, day care, to name a few) and fully comply with FTC regulations. Click here for more information. The same information that is needed for an electronic payment, such as customer’s bank routing and account numbers, is needed for paper drafting. The only difference is that we will convert that information into a preauthorized paper check. We then process and print the paper drafts and deposit them into your bank account or send them directly to you on the date that you designate.

This is an invaluable tool because your customer’s payments will be on time, everytime. You will also have the flexibility to hold a check for your customer if necessary.

In addition to having your checks all deposited on the day that you choose, you can verify that your deposits will not be returned “NSF” or "Account Closed" by using our ATMVERIFY™ service.

ATMVERIFY™ is the first service of its kind to provide merchants the ability to determine in real-time the current status of a checking account. This break-through technology helps merchants significantly reduce the risk and losses that result from check acceptance.

In the unlikely event that you do have a check returned, those funds can be recovered electronically using DIRECTRecovery™. DIRECTRecovery™ uses the exclusive ATMVERIFY™ technology to periodically monitor your customer's checking account and as soon as the funds are available, it electronically transfers them from the account along with a small service charge. You receive 100% of the value of the check and in some instances, a portion of the service fee as a rebate.

To enroll a customer, we will provide you with a single page release form that they complete and you return to us. On the day(s) designated on the release, the preauthorized check will be deposited into your bank or delivered directly to you. There are no minimum or maximum limits on the amount of checks processed.

For a small per/check charge you can receive:
• Check processing and endorsing
• Daily depositing of drafts or delivery to you
• Real-time verification of customer’s account status
• Electronic recovery of returned checks

Features:
• Increases cash flow
• Telemarketers accepted
• No underwriting required
• Checks returned in customers’ bank statements
• No special equipemnt needed
• No long term contracts
• Less expensive than invoicing
• Streamlines receivables
• Recovery of NSF items
• Real time verification of account status

Some businesses benefitting from paper drafts:
• Telemarketers, catalogue and mail order/phone order companies
• Online gaming companies
• Insurance
• Merchants who pay commissions to off-site reps
• Associations
• Schools
• Any business with high chargeback rates or who are prohibited from ACH processing