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Typically a merchant will prepare a deposit, physically go to the bank, and their account is credited for the checks received from their customers during the day. Unfortunately, some of those checks will be returned. The merchant’s bank will debit their account, charge a fee, and return the check to the merchant for collection. Now you have to start the uncomfortable and time consuming process of collecting the funds.
checXchange™ recovers your money using our knowledge based strategic re-presentment program. This electronic method accelerates the check recovery process. All successfully collected checks are reimbursed weekly to the merchant at 100% of the face value of the returned check. If the check is not collected then it is returned to the merchant or placed with our secondary collections department.
Maybe it was a mistake on the part of the customer, but it costs merchants more than the face value of the check in time, stress and fees.
checXchange™ is a value added no-cost strategic check recovery service offered to commercial customers that provides automatic collection of all deposited returned checks.
checXchange™ provides real-time, internet accessible, on-line reporting of all checks being processed.
Solutions for the Merchant:
- checXchange™ is a FREE Service
- 80-85% recovery rate
- All returned checks are strategically represented using a proprietary model optimizing potential for collection
- Keeps customer out of the collection business
- Recovers 100% face value of check
- Significantly enhances rate of recovery - Improves cash management by recovering funds faster - Reduces internal staff time and expense of collection
- Provides 24/7 on-line real time access to all checks being processed by checXchange™
- Offers optional secondary collection service
Solutions for the Merchant:
proprietary model optimizing potential for collection