Retailers know that accepting checks can be costly and risky for their business. If a check is returned NSF they are now responsible for tracking down the check writer, who has already received their goods or services, and collect on the funds that are due. This process can be time consuming and costly to the business, research shows that the business is successful in collecting 25-35% of the time. A large number of bad checks can jeopardize a business because of the decrease in cash flow and loss of goods or services.
checXchange™ minimizes the risk of accepting checks with no cost to the Retailer. If a check is returned we will electronically re-present the check up to two additional times. As we are able to strategically time the presentment of a check, electronic transactions have priority, the rate of collection goes up to 75-85%. We are able to collect and fund the retailer 100% of the face value of the check, which helps to keep the cash flow stable.
Retailers no longer have to worry about bad checks and can focus on growing their business.