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Lower Costs:
Most banks charge $5.00 or more to redeposit
a NSF check. Centralized Returns can even reduce
those charges by 60% or more. With Checkmatic there is no charge to represent the item up to two
additional times. With the changes in the banking laws, we are able
to do this for you to save you time and money.
Higher Collection Rates:
The longer it takes a NSF check to
go through the system, the lower the chance of a quick check recovery.
With our electronic NSF check recovery, our rates are
about 70% with our system. Our collection rate is about 85% combining RCK along with
traditional methods.
We change bad checks into cash!
Funds Deposited Weekly:
As
an industry standard, it takes approximately 5 days from the time
the file is received by the Automated Clearing House (ACH) to
secure payment. This allows time for the NSF check to be completely
processed and payment information received. Successful transactions are
deposited into an escrow account and dispersed weekly into the merchant's account.
Online Reporting:
Participating merchants can log in to our
reporting site 24 hours a day. This means you can obtain all the information we have
at any time. Our online reporting system is updated every business day.
Weekly Reporting:
Every day you receive a notification
report letting you know what checks we have received that day.
You will also receive a reimbursement report every Friday showing every check recovered
from that week and the amount due.
Timing is Everything:
Checkmatic times
the representment efforts to maximize the check collection efforts. Without electronic
representment, it is a hit and miss (mostly miss) chance.
The first representment is timed to hit the bank on key dates if funds have not been
available throughout the week received.
This provides a greater chance of check collection.
If the first representment fails, we monitor the check writers' account for funds
availability before sending it through for the final attempt. Most agencies
never take the time to verify funds.
How it Works: Checkmatic now verifies funds on all checks
daily if the bank provides the information to increase our collection rate on first
representments. What this means if we get a check in today and the
money is there, we send it today. We still take a shot on key days for remaining
checks and have been about 60%-70% successful. Our secondary collection efforts are
also free. More and more banks are not providing verification of funds and we do
not penalize our merchants for checks that are not collected electronically.
All merchants receive 100% of the returned checks that are less than 180 days old
no matter how they are collected.
Traditional Collections:
Through our copyrighted software, we are able to send the correct letter to the check
writer at the right time. While traditional methods are only about 40% successful,
the combination of RCK and traditional methods give us an 85% success rate. If the
check writer does not have the funds in their account within 60 of the date of the check,
it has been our experience that the account will soon or already is close to being closed
by the bank or check writer. We can place the checks in secondary collections or
return the checks to you. Merchants are NOT required to have us perform
the secondary collection. For items over 180 days old, please call for a consultation.
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