| Member You |
Hubs | Hubbers | Topics | Request |
| #1 in Business | Subscribe Email Print |
|
You are here: Home > Business > Business > The 5 Things You Must Know About Accepting A Check By Phone |
|
Member You - The 5 Things You Must Know About Accepting A Check By Phone
Finding and Using Chinese Search Engines & Directories tion-more info at www.ach-payments.com) is a request that funds be transferred. The money may or may not be in the customer’s account. The collection of NSF funds can be automated to ease this burden as well as the availability of front end checking account verification tools.Whether you're just doing research for travel or whether you're a Chinese native or expatriate, you'll be able to catch up on the latest Chinese news, sports, entertainment and stay in touch by using the many Chinese search engines and directories available on the web. Here are some of the most popular and useful sites:Baidu.com - The world's 6th m 2) The governing bod What We Have Here Is A Failure To Communicate - Why Do We Need A Corporate Renewal Industry? Accepting a check by phone, fax or web is a great way to
increase revenues, decrease collection headaches and offer
new payment options BUT there are several essential “things”
that you MUST know.According to a white paper available on the Turnaround Management Association (TMA) website, signs of a troubled business are (listed in their order):Ineffective management styleOver diversificationWeak financial functionPoor lender relationshipsLack of operating controlsMarket lagExplos First let’s talk about all the great benefits: Now what you MUST know: Google to Dominate Entire Physical Universe? mail in payment.As you may have heard, NASA and Google have just announced a partnership of sorts. While it seems like an information sharing agreement, a close reading reveals some rather startling things.Google to Dominate Entire Physical Universe?At its core, Google is a search engine. While this is obvious, people sometimes forget it given all the inter 2) It’s a LOT less expensive than a credit card. A credit card transaction always involves a discount rate. Typically around 2.3% it means that you pay that percentage of the transaction dollar amount as a processing fee. 3) You find out about NSF or rejected transactions must more quickly than a paper check-typically within 2-3 days. 4) You can call a late payer and tell them “no you don’t have to send out a check we will take your check right now” 5) It’s safe for the business and the customer. 6) You offer an alternative to credit card payments for those who are at or over their limit OR do not have a credit card (there are LOTS of people) Now what you MUST know: Putting Profitability Into The Service Equation t more quickly than a paper check-typically within 2-3 days.How would you like to see your Service Department? As a necessary but problematic resource drain or as a resource that provides a positive and healthy ROI? We think most executives would prefer the second option. In this article, we make the case that a centrally positioned service department can act as a catalyst across many other functions to improve th 4) You can call a late payer and tell them “no you don’t have to send out a check we will take your check right now” 5) It’s safe for the business and the customer. 6) You offer an alternative to credit card payments for those who are at or over their limit OR do not have a credit card (there are LOTS of people) Now what you MUST know: Customer Service Speaker Cites 5 Reasons Flying Sucks! ho are at or over their limit OR do not have a credit card (there are LOTS of people)Having just come back from what was otherwise a delightful trip abroad, I started stewing about the lousy return flight I took.Why was this experience the absolute worst part of the trip, surpassing the bad plumbing and other inconveniences that I suffered?That flight is emblematic of the five reasons flying sucks:(1) Flying wastes ti Now what you MUST know: High Risk Merchant Accounts tion-more info at www.ach-payments.com) is a request that funds be transferred. The money may or may not be in the customer’s account. The collection of NSF funds can be automated to ease this burden as well as the availability of front end checking account verification tools.High-risk merchants such as telemarketers, Internet/e-commerce businesses, merchants in the travel and cruise industries, businesses that conduct Internet auctions, and businesses offering membership clubs may face difficulty opening a merchant account.Just because you have a high-risk business it does not necessitate the fact that you cannot open 2) The governing body of electronic transactions, NACHA (www.nacha.org), states that a check by phone transaction be accompanied by notification (or a recording of the transaction that can be accessed) of the transaction to the customer. This notification can be done by sending a postcard or email confirmation of the transaction. 3) The customer has a 60 day revocation window to dispute the electronic debit to their account. They may “charge back” the monies debited (hence the NACHA rule that you have proof of their assent to the debit). 4) You may not accept a business check by phone. This rule is under review by NACHA. The issue NACHA has is that the person on the phone for the business may or may not have the authority to authorize an electronic debit. You can obtain written permission from an authorized person at that business to debit their account via the ACH network and in that manner accept the check by phone. 5) Recurring debits to the customer’s account are not allowed (NACHA again) based upon voice obtained permission. Their must be some kind of written permission from the consumer although a web based permission for recurring debits would be acceptable. So your business absolutely sho
HTTP = HTML link (for blogs, profiles,phorums):
Related Articles:Musings on the Restaurant Business
|