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United Tranz*Actions (UTA) now offers subscribers the ability to receive payments from their customers by credit card or ACH via its “Online Bill Pay” service (OBP).
This all-inclusive OBP service will ensure that your customers get their monthly payments to you in a timely manner. Online payments are easy and convenient. In fact, it’s likely that many of your customers are probably already using this simple method of payment for their other bills.
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?
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:
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.
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.
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.
Despite the economic worries that have embroiled the nation this year and last, and the ACH payments continue to see year-over-year growth according to reports released by NACHA – The Electronic Payments Association.
In fact, according to a recent NACHA press release that details ACH payments in 2008, ACH payments totaled more than $18.2 billion in 2008 – an increase of $1.2 billion over 2007. Based on the press release, 2008 marked at least the second straight year of growth in ACH payments, as the 2007 total of $17.1 billion represented a 13.2% increase over 2006.
According to the most recent Nilson Report ratings of U.S.-based check guarantee companies, National Check Trust is the 6th largest check guarantee company in the country. Additionally, the average check guaranteed by NCT is $750.00, which illustrates our commitment to specializing in guaranteeing large checks as opposed to small retail checks.
Last week, we discussed a few of the myriad challenges currently facing auto dealerships across the country, namely that thousands of them would likely be closing in the near future. Unfortunately, that harrowing prediction has come to fruition as GM and Chrysler combined have informed nearly 2,000 dealerships across the country that their franchise contracts will not be renewed once they expire.
For many Chrysler dealers the announcement, while surely disappointing, is not a death knell to their business, as many sell other brands and can continue business. Many GM dealers, however, sell only GM cars. Thus, today’s announcement that GM is cutting 1,200 dealers by not renewing franchise agreements means that those dealers will be forced to shut their doors in the near future.
In a previous post, we alerted you to NCT’s offer to the automobile industry for a free check guarantee and payment solutions consultation. As part of NCT’s commitment to the core industries we serve, we are also offering a free consultation to members of the furniture industry as well.
Below, you will find the press release announcing our free check guarantee and payment solutions consultation to companies in the furniture industry. The release received wide distribution earlier today thanks in large part to the fact that NCT’s free consultation offer comes at a time when many companies are looking for ways to improve their cash flow situation. In addition to many industry journals and publications, here are a few of the sites publicizing the latest NCT announcement:
Here is the complete press release:
United Tranz*Actions was formed in 2010 as a merger between National Check Trust and American Check Management. UTA is a premier check guarantee services and payment solutions provider. Headquartered in Miramar, FL, UTA offers highly customized check guarantee services and programs, integrated customer support, and innovative systems. Contact us today to learn more.
