FAQs

How does checXchange™ collect my returned items?

We will process all returned checks we receive directly from your bank.  We then submit your deposits electronically for you through the ACH network.  Any returned items will be handled by the automatic returns handling process of checXchange™.

Is checXchange™ automated returns handling more effective?

Our statistics show some merchant’s recovery rates increase as much as 60%, resulting in an overall recovery rate of 80% to 85% for NSF checks.

Why should I use checXchange™?

You eliminate your traditional collection techniques, and get 100% of your money back from the returned checks we collect.  If you use a check scanner you will also eliminate trips to the bank for deposit and returned item fees.  checXchange™ strategically chooses when the check writer’s account is debited. This alone can result in a substantial increase in recovery rates.

How much does checXchange™ cost?

checXchange™ is a free service. Our program works conveniently & quickly for you and your customers.

Then how does checXchange™ make money?

The cost of collection is paid by the check writer using state-authorized collection fees.

Will checXchange™ save me money?

Definitely! Everything is automatic, so there are no re-deposit fees charged to you from your bank for resubmitting checks automatically.

What other businesses use checXchange™?

Many leading companies are utilizing this service including major utilities, restaurant chains, hospitality chains, retail stores and many other large corporations that accept checks.

Will checXchange™ save me time?

Absolutely!  In addition to eliminating the need to visit the bank for check deposits, we handle the entire collection process so you don’t have to write letters or make phone calls to check writers. We make reimbursements to your account automatically every Friday. You have immediate access to all your returned check information through our real-time online reporting.

What must a merchant do to inform customers?

Merchants must notify customers that their returned checks may be collected automatically. This notice can be at the point of sale or on a monthly billing statement. checXchange™ supplies all of our customers with a point-of-sale decal that covers this necessary verbiage.