Even one bad check per quarter is costly. A study shows that every bad check costs an average of $95.17 in fees and lost
employee productivity (If you have a professional practice the average is $60.05 per bad check) and that’s whether the
check is for $5 or $500 and *whether you collect it or not*.
This is a bottom line loss – money right out of your profit. Only one bad check per quarter would COST YOU $380.68 per
year. Now to recoup this loss could mean you would need up to $2000 in new business depending on your profit margin
just to break even, so we see there is no such thing as a small bad check problem.
A recent banking study shows that since the year 2000 the TOTAL number of checks written has decreased from 36.7
billion in 2000 to 32.1 billion in 2004. However, the number of bad checks written has dramatically increased. 731 million
were written in 2000, and this has soared to over 1.1 BILLION in 2004. Also over 63 million families cannot qualify for
credit cards and a great many cannot even qualify for debit cards.
*American Bankers Association, Banking Strategies
Additionally, A study done by USA Today, has shown that places of business that refuse to accept checks lose 14% of
their top line sales. That is huge. Just take your gross receipts for last year and reduce it by 14%. That does not make
sense just to avoid the slight chance of receiving a bad check. What makes sense is to outsource to a professional
service, which can solve the returned check problem.
Secure Check RCK automatic check recovery Call 1-888-TakeChecks
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Secure Check is The Smart Solution.
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Secure Check is a leading provider of innovative,
secure, payment solutions that enable your business to
collect customer payments faster, and more efficiently.
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