BillingTree Expands NSF Management Tool User Base
Buying a little time can make all the difference, including when it comes to managing money.
And utility and healthcare players are getting another tool to help assist their customers do just that from BillingTree Inc., an on-demand payment processing provider.
Now, both industries can access its “Check Collect” solution that, according to BillingTree, lets companies “streamline the returned-check process by optimizing collection rates for Non-Sufficient Funds (NSF) items and centralizing management of outstanding balances.”
Practically speaking? The tool aims to improve the returned-check rate, and ultimately collections, by granting overdrawn account owners a little more time to infuse cash into their accounts. From its release:
Check Collect ‘re-presents’ checks on specific dates such as the first or fifteenth of the month, rather than successive days, increasing the likelihood of funds being available, as well as saving time and resources on wasteful resubmissions.
Typically, BillingTree says NSF checks are “re-presented” automatically over three consecutive days, an “unrealistic” timeline for consumers to increase their account balances.
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