Innovative Payment Solutions LLC

How Our Check Recovery Method Works:

• Innovative Payment Solutions, LLC (IPS) serves as agent to recover bad checks for your business.
• You complete, sign, and return to IPS, an Authorization form instructing your Financial Institution to send all returned checks to IPS for electronic processing through a Third Party Processor (TPP).
• You will receive self-inking stamp(s) at now cost to you. You must stamp the front of each check you receive and have the customer sign in the appropriate area. NACHA (National Automated Clearing House Association) the governing body of all electronic transactions is mandating this procedure.
• You will also receive laminated check policy signs that must be posted at each cash register, customer service desk, and all Entry doors notifying your customers that their bank accounts will be debited electronically for the face amount of the check and again for the amount of the NSF fee allowable by state law (fee is on the sign).
• Checks unable to be processed utilizing this electronic method are WIC checks (Women with Infant Children), third party, payroll, government, and personal checks over $2,500.
• All of your NSF checks are sent immediately to IPS and converted to electronic debits. Your customer's account will be debited via the ACH (Automated Clearing House) network within 24 hours.
• You remain in complete control. You are notified immediately by fax, e-mail, or mail of each returned check received and notified again at time of final result. Because you are kept well informed, you are able to intervene on behalf of good customers who have made an honest mistake.
• An NSF check can be electronically re-presented 2 times as opposed to a paper NSF check, which can only be re-deposited once.
• You will receive 100% of the recovered check's face value and some or all of the returned Item fee for checks recovered prior to submission to the secondary recovery service.
• If the recovery is unsuccessful, IPS provides an optional secondary recovery service (The Collection Arm of a Credit Bureau), for un-recovered NSF returned items. If secondary recovers, you will receive 60% of the face amount of the NSF check.