Has anyone used a product like this at their institution? What risks were involved?
Smart Check Recovery combines both electronic and traditional recovery methods to maximize the collection rate for dishonored checks and e-checks.
· Electronic recovery converts eligible dishonored checks into electronic items for re-presentment through the Payment Stream Solution process. Smart Check Recovery monitors the bad check writer’s account for funds availability to achieve the greater results.
· Traditional collection (customized Payment Stream Solution process) which includes direct mail and outbound calls to the bad check writer as well as credit bureau reporting and other standard collection techniques.