Testimonials
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| Pre-Authorized Checking FAQ |
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1. What kinds of companies will Pre-Authorized Checking work for? The answer is simple, if a business takes payments PAC will work for them. Whether it is automating their recurring monthly payments, helping to collect slow pay accounts, or offering an in-house payment plan to potential customers PAC is the unique low cost tool that any business can use to increase profits. 2. Can this program work for me if the amount billed to the customer is different each month? Our PAC system works well in situations in which the amount owed by customers varies from month to month. The only difference in the program is that the business would need to send out a monthly statement to their customers with varying payments to let them know the amount to be drafted so they could make a note in their checkbook register. 3. How do you collect from me? We use the same technology to collect from businesses using PAC that they use to collect from their customers. The Billing and Profit Recovery Group simply creates a bank draft from the business' account for the amount of the combined service fees for a given month. Here is an example to make this absolutely clear. Say that a business has 50 customers on the Pre-Authorized Checking service. The monthly invoice to each of these customers is $50 each to keep the math easy. 50 customers at $50 each would be a grand total of $2,500 collected each month using PAC. The agreed upon service fee for each of these drafts was $2.00, again keeping the math easy. This would mean that the service fees would total 50 customers times $2, or $100 each month. In this scenario, The Billing and Profit Recovery Group would hand the business a stack of 50 checks that totaled $2,500 each month. The next day, we would produce a draft, pre-authorized by the business, for the amount of the service fees totaling $100. The business' net would be $2,400 each month. 4. How is my customer informed that the check has been submitted and cleared their account? A customer's check is noted in their monthly bank statement. The check will be numbered as "000" or will not be numbered at all. This prevents a conflict with their checkbook numbering system. The on-line bank account statement will refer to this transaction as a "Pre-authorized Check." The customer can then balance their checkbook as usual. 5. What is the agreement between you, me, and my customers? The Billing and Profit Recovery Group prints pre-authorized checks on behalf of your customers. Any contractual or cancellation clauses in the agreement will be settled upon prior to initiating your service. We will go over typical arrangements and make suggestions on a course of action depending on the individual needs of each business. 6. Do you have access to my customer's or my bank account? Our system does not have the ability to electronically access any bank account information. It is a proprietary software that was developed to store information and print checks only. |
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