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+++ S P E C I A L R E P O R T +++
"Cutting Collection Costs by 90%"
Jules Kaplan

4 December 2003

Overview: www.onlineChek.com (“OLC”) has developed a solution that enables small to medium-sized enterprises to reduce collection costs by 90%. Our solution allows enterprises (“payees”) and consumers (“payers”) to collect and make payments using electronic checks (EFT) or credit cards (merchant payments). Unlike competing services, our patent-pending business model focuses on the needs of the payees and manages the entire process, while making the process seamless and easy for the payers. With over 40 years of entrepreneurial success, our management team has the talent and experience needed for your company.

Traditional paper-based collection processes are expensive and time consuming. The Gartner Group estimates that it costs $10 to process a manual check. OLC can reduce that cost by over 90%.

Most small and medium-sized businesses (SMBs) ­ those producing between a hundred and several thousand transactions each month ­ can not afford to develop an in-house electronic collection process, nor can they afford the expensive capital equipment necessary to automate the collection processes.
An alternative to manual collections is to use an electronic payment service owned and operated by a bank. However, banks leave much to be desired in terms of providing electronic payment solutions to their SMB customers:

  1. Lack of focus: Banks generate only a small fraction of their revenues by providing electronic payment services. They therefore have little incentive to maintain high levels of customer service and competition.

  2. Poor customer service: Banks have little incentive to service their electronic payments customers, and often fail to even return customers calls. Problem resolution times of 3-4 days are the norm.

  3. Vendor lock-in: Bank-based electronic payment solutions require the use of the bank’s proprietary software, making it difficult and expensive for the SMB to switch banks. Not payee-centric: Most banks designed their electronic payment software to address their own needs first, with little consideration for the needs of the SMB. From the SMB’s point of view, much of the software is inefficient at best, and sometimes simply useless.

  4. Hidden charges: Although the per-transaction fees can be low, the total cost quickly rises after adding batch fees, batch cancellation fees, high NSF fees, monthly analysis charges, and much more. A customer recently switched from a bank to EZP after his bank informed him it could cost over $3,000 a month for NSF returns. EZP would have charged $750 at most. After speaking with us, he negotiated the bank fee down to $1500 (for 10 minutes of work) and then moved his account to EZP.

  5. Constant system changes: Frequent consolidations and mergers among banks means that if an SMB has an account with a bank that is acquired, they must switch to the new parent’s systems, procedures, and fees. OLC is approached at least once a week by an SMB who is completely frustrated with their bank and would like us to take over.

With approximately 42.5 billion paper check transactions in the U.S. in 2001, there is potential for significant savings of time and money. With banks representing a poor choice, there is a significant opportunity for electronic payments companies targeting the needs of SMB payees.

Overview of Services.  OLC has developed a family of online services that enable SMBs to reduce collection costs by 90%. Our end-to-end solution allows SMB payees to collect payments online using electronic checks (EFT) or credit cards (merchant payments). Unlike banks and other online payment services, we focus on serving the needs of the payees, while keeping the process simple for the payers. With over 6,000 man-hours of development effort invested in the system, our systems are now live and in use by a number of customers.

www.OnlineChek.com. OnlineChek.com is a comprehensive, payee-centric online collection system. The system allows payees to automate their entire collection process, leading to significant time and cost savings.
Capabilities & Benefits For both payees and payers, OnlineChek.com is designed with efficiency, ease of use, reliability, and security as our top goals.

For payees:

  1. Save 90% on billing and collection costs ­ $0.34 each vs. about $10 per traditional manual process of collection.

  2. Eliminate the time consuming and costly process of depositing your daily bank receipts by going to the bank. Automatically record and deposit funds.

  3. Easy set-up:

  1. Easy collections:

  1. Comprehensive reports:

  1. Security & Reliability:

  1. Availability:

  1. For payers:

To Demo the onlinechek.com process, just to go: https://www.ezpaymentsolutions.com/onlinechek/check.php?id=110 

Just contact info@OnlineChek.com for any additional information or call 800-220-0468.

Yours truly

Jules Kaplan

Ez Payment Solutions LLC - E-commerce Payment Solution Provider
Find Out How to Reduce Billing and Collection Cost by 90%+ Available now at: www.OnlineChek.com
E-Commerce Solution that you have to SEE to BELIEVE www.EzPaymentservices.com
480-991-7025 OR 800-220-0468 - FAX 310-362-8746

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Last modified Sunday, December 07, 2003