The need for automated check processing springs from the growing difficulty of payday advance providers to obtain information on consumer bank accounts over the phone. REPAY may off a cost-effective and efficient solution if:
- You have difficulty obtaining account and funds verification from your clients' banks.
- You want to limit the amount your company spends on cashier's checks for payment processing.
- You want to reduce the time and energy expended by staff going to the bank to submit checks for payment.
There is a per store, per month subscription charge for use of the REPAY software and a nominal transaction fee — significantly less than the cost of a cashier's check. The key features of this product are:
- Reduced cashier's check fees
- Time, efficiency gained from no longer needing to call or go to the bank
- Reduced return item fees
- Increased collections and reduced charge-offs
In order to process a check, a payday store must have the following:
- A paper check, with routing number and account number
- Amount to be debited
REPAY allows payday advance providers to cash checks instantly and electronically with only an:
- Internet connection
- REPAY software
- Check Scanner
- Contract language that includes references to EFT
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