The Tragic Story Of Bad Checks – 3 Tips To Collect From Bad Checks Successfully
Posted: Dec 26, 2019
With the advancement of time and technology, online payment has become quite a popular option when it comes to any business transaction. However, there are many people who still feel more comfortable signing off a check instead of making the payment online. It can be a feeling of comfort and familiarity that signing a check offers instead of making the payment online. Often the checks can help a company streamline the accounts as there are often large amounts to be paid. For some customers, giving a check buys them some time as the system delays the payment by a couple of days. It offers them a chance to drop the amount at the bank at the right time. And check is often preferred by many payers who know that the check is ultimately going to get bounced.
Now, while a bounced check can buy some time for the debtor, it can cause serious problems for you, the creditor. For you, a bounced or bad check means the transaction of the money is stalled which will eventually disrupt the cash flow in your company. For that issue, the first and foremost thing that you need to do is successfully collect the money from a bad check. How? Take a look at the following points to know more.
Don’t Accept a Personal Check
Be wary of the payment by personal checks. When it comes to payment, there are plenty of options today. Online transactions, mobile wallet payment, payment with a credit card and practically the presence of ATM at every corner of the street help anyone to pay through any medium other than checks. So, when you are getting a personal check, refuse that. If you actually choose to get a personal check as the customer won’t be paying through any other medium, then make sure you are getting to verify the check before payment. Consult a debt collection service that can help you with the right suggestion on verifying the check.
Check Available Funds
When it is a bad check, you can run a check on the available funds with the bank, for example, maybe your customer has made an honest mistake while writing the check which is preventing the payment. Check with the bank. Explain the situation and run a check whether they have the available funds in their account or not. If yes, you can redeposit the check. However, if the bank doesn’t want to disclose the information to you, then get the help of an agency of credit collection services.
Trust the Professionals to Collect
Now, after all this means, if you still have a problem with collecting the check, then you have only one way. It is better not to delay the matter anymore and consult a debt collection agency. Being adept in collecting the money in any challenging situation, they will be able to provide you the assistance while maintaining the regulatory guidelines of the state.
So, now as you know about these ways you can get the bad check payment successfully, what are you waiting for? Hire the debt collection agency you trust and set the ball rolling.
Donald is the owner of a collection agency and is a regular blogger on collection agency services. To know more about debt collecting agency, read his articles and blogs.