Fiserv has released the results of its most recent Consumer Billing and Payment Trends survey which has tracked online consumer bill payment habits since 2001.

According to the company, the 2010 survey shows online banking, bill payment and e-bill usage continues to grow, and that the online bill payment population has changed significantly during the last decade. Between 2000 and 2010, the number of households that use online banking increased more than six-fold (to 72.5 million), and the number that use online bill payment increased nearly eight-fold (to 36.4 million).

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As our new information page says, UTA will provide “the leading solution in payment processing…guaranteed.” One example of our industry leading offering, which will be a major benefit to our auto dealership clients, is our recent agreement with both Reynolds & Reynolds and ADP.

For the ease and benefit of our clients, UTA forms will now be accessible directly through the R&R and ADP e-libraries.

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Recently, NCT founder and CEO Marty Halpern sat down to discuss his experience, his company, and the future of the check guarantee industry, with Jerod Morris, who is in charge of NCT’s online brand management. The transcript of their discussion is below:

Jerod Morris: Thank you for taking the time to talk with me today, Mr. Halpern.

Marty Halpern: Call me Marty, please.

JM:  Thank you, Marty. As we begin, why don’t you provide our readers with a quick background on yourself and NCT.

MH: Well, I was born in New York City and have lived here in South Florida since 1985. I am married with two teenage kids who keep my wife and I very busy.

JM:  Why did you choose Ft. Lauderdale, FL as the place you wanted to live?

MH: In 1993, when my wife and I decided to have children we chose Ft. Lauderdale as the place. It is family oriented and I knew that eventually, I wanted to move my company here.  We actually made the move in Sept. of 2001 to Miramar just west of Ft. Lauderdale.

JM: What led you to start your own business?

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One of the services NCT offers its merchant clients is point-of-sale (“POS”) electronic check conversion. Every product and service delivered by NCT is designed to improve efficiency, maximize cash flow, and minimize risk; electronic check conversion is no different.

What is POS Electronic Check Conversion?

Back in the “old days,” when a customer paid you by check, converting that check into cash required batch processing all of your checks together with physical trips to the bank. There were a few inherent problems with this system:

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In the coming weeks, we are planning a series of posts to provide more insight into check guarantee services, and specifically the services that we offer at NCT. One semi-common misconception is that check guarantee and check verification are the same. This is incorrect and is the subject of today’s post.

Check verification is the process of screening checks against positive and negative databases to ferret out the “bad check writers.” Obviously the risk of accepting a bad check is lessened if you have controls in place that limit your exposure to checks written by people with a checkered history (pun intended) of past check writing. Simply put, if the person trying to pay with a check doesn’t check out (again, pun intended) then you do not accept their check.

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By Charles Martin

You’re feeling really stressed right now. A collector just called and left a message regarding a returned check that you may have written. Life is speeding by. Money is tight and all you need is another problem. You found us on the web and now what…?

Believe it or not, a company like NCT wants you to be free and clear of the collection cycle probably sooner than you think. Sure, returned checks are reasons for a company like ours to exist, but having a good relationship with our debtors is a key part of our company mission.

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by Charles Martin

This blog post is part of an ongoing series where we will introduce you to the basics and inner workings of our industry. We hope you will find useful information here. If you have ideas for further posts on the payment industry or specifically the check guarantee industry, feel free to contact us.

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Before you plan a funeral for checks, take another look. Paper checks, ACH, and the commerce they represent are still an important feature in today’s business transaction. In fact, they may save you money and continue to be an opportunity for increased cash flow in these tough times.

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