Image Cash Letter Case Study
It was 2 PM on a Friday when I received the dreaded letter. Right in the middle of my busiest day of the week it came. “NOTICE: Effective April 17th, we will no longer be able to provide ACH services for your company. We appreciate your business but are unable to provide such solutions going forward. Thank you.” MR. ACH Company.
I shook my head in disbelief. I had been a payday lender for over 10 years. I have 15 locations and have always followed the law. What in the world was this all about and why was this happening to me. I called my colleague who had received a similar letter. “Operation Choke Point” – 2 words that forever changed my life and, I’m sure, so many others. Payday lenders are on “the list” he said. ACH companies are exiting these relationships and playing henchmen willingly or unwillingly for Uncle Sam.
So now what? I was about to face extinction. I reached out to people I know and trust in the industry; Jer was the first. He told me about ICL (Image Cash Letter) solutions. I asked, “Why didn’t you tell me about this sooner!” He told me it was “hot off the press and ready to launch.”
I have been on it problem free. My money moves like a stream downhill and I have no drama about losing my ability to conduct business. It was a life saver and quite frankly, saved me from early retirement.
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