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By:
Robert Pinchuck and Dan Jobrack
Building your
business processes take time, experience and the
willingness to explore new methods as technology
improves. Businesses work through a chain of
events from the initial or sales procedures to
generate new business, deliver services or
product, establish and manage payment
arrangements and then watch their bank balance
increase with each payment. Well, that’s the
original plan!
Unfortunately,
the original plan does not always work out as
envisioned as direct payments from customers
don’t always clear your account due to
insufficient funds. And then to add insult to
injury, the bank also deducts NSF fees from your
account in addition to charging you unforeseen
and unbudgeted analysis costs!
In this
challenging market, it’s a given businesses
are going to experience some losses, but don’t
be fooled into accepting that there’s nothing
that can be done about it! After all, it does
not have to be “well that’s the cost of
doing business,” rather it should be “the
cost you are willing to take to do that
business”, says Dan Jobrack, COO of DATATrue,
a CFI SMP. One significant risk is that paper
checks and ACH payments can only be presented 3
times to the bank for deposit (including the
initial deposit). Once you have used up those
additional 2 presentments, you are left with
only legal options, continued negotiation with
the customer directly or charging it off.
Now you can add
an additional “link” to your process to
increase your chances of collecting those funds.
It’s a new service called “SAVI” -
Sufficient Amount Verification Inquiry.
You submit an electronic file on any day you
wish with the customer information and NSF
amount by 8:00 AM in the morning and at 2:30 PM
you receive information to help you determine
whether there are sufficient funds in the
debtor’s bank account to cover your NSF check.
It really has a triple benefit against the
“blind deposit” method you are currently
using:
- If sufficient
funds are shown, you deposit the check &
increase your collections by 60-80%
- If insufficient
funds are shown, you don’t
deposit the check and avoid bank fees and
wasting your valuable time
- Also, by
knowing there are insufficient funds, you
don’t use up one of your presentments –
you can inquire on an account balance an
unlimited amount of times without leaving a
“foot print”
Why not add this
valuable “link” to your chain of revenue and
start seeing the results immediately? To
find out more, contact Columbia Financial Inc.,
to be connected with SAVI today.
Contact Debra at debra@columbialist.com
or (800) 648-1914 Ext. 201
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