Most of us have bounced a check or two in our lifetimes. Imagine the impact it has on government, education or sub-prime lending companies offering check cashing and payday or installment loans.
According to eCollect Chief Revenue Officer Kelcey Lehrich, there are $245 billion (with a B) returned items presented for payment each year in this country.
Determined to reverse the trend, Lehrich and Partner and Chief Operating Office Justin Scheeff sought a way to make the un-collectables collectable. While neither has a banking background (Lehrich was in mergers and acquisitions; Scheeff in wealth management), they recognized a business opportunity. The result was the creation of eCollect.
“We are the fastest, most cost effective means to recovering return checks and ACH payments,” he explains. “Hundreds of millions of dollars are bounced each year. We are able to recover 90 percent or more of our clients’ monies within 30 days.”
eCollect relocated to Tyler Village about two months ago and currently occupies approximately 2500 square feet of space. “We wanted the look and feel of the space that we were outgrowing at The Agora,” Lehrich says. “We recognized that Tyler Village has the same tech and marketing tenants and appreciate that things are happening here. Free parking for our staff was also a consideration.”
For information about eCollect, visit www.ecollectpayments.com.