Check Verification    Check Recovery

Check Verification: Here is how a verification works. The cashier feeds the check into the check reader and enters the amount of the transaction. The cashier will get a response in three to six seconds. They will know if the customer has NSF checks outstanding and if the customer has written an unusual amount of checks in the last 24 hours. We can set limits on # of checks and/or total amount of checks written hourly, daily or weekly. Check verification will not stop a bad check all the time but it will stop someone from doing it at you store. Most bad checks are written within a local area. Once a check is entered into our system and our server is updated at the end of the day a check writer is not removed until fully paid. If a "denied" is returned from the verification system, your clerk can bring the check to the manager to check from reports that you are sent daily in your e-mail. If their name is on the report you can give our phone number to them to clear it up. Check verification is not a magic machine but it can eliminate the chronic bad check writer.

CheckMatic maintains a national data base. This data base is contributed to from merchants nationwide. We have independent offices across the country that upload bad check data every day. Our check verification is not a source of revenue. We provide this as a tool to cut your losses and increase your profits. We only charge a nominal fee to cover the phone call and server maintenance. Your check verification equipment calls an 800# so you are not paying the phone bill.

The national average for collection on dishonored checks is just over 60%. With our check verification the rate can be as high as 90% in most areas. We make our money collecting the checks. The less bad checks you take the more money you can save and the higher our collection rate is.

Check Guarantee Don't get influenced into check guarantee by another company. The guarantee is that they make more money than they will save you! Let me give you an example.

100 checks at $35.00 times 1.5% + .25 per transaction = $77.50
1% of checks returned = $35.00
80% recovery rate = .8 checks or $28.00
With check guarantee your cost is $77.50
With check collection your cost is $7.00
Another way to look at is that you will spend $77.50 to get an extra $7.00
The guarantee company will collect about $28.00 + $20.00 in return fees for a total of $58.00 so they get your $77.50 in fees from the merchant plus another $58.00 in collections and only pay you $35.00. This is check acceptance insurance.

Still not convinced? Click on the Check Guarantee and we will guarantee your checks. We have four different levels of our guarantee program. Yes, we really will guarantee your checks 100% as long as you follow some very simple steps:

1. Physical address on check
2. Home phone number
3. Approval code on check
4. DL# on check
5. Returned check approval (provided with authorization stamp)

Our recovery rate using RCK in August 2004 was 74.2% with an overall rate of 84.3%. September 2004 using RCK 73.6% with an overall rate of 82.4%. October 2004 using RCK 74.4% with an overall rate of 83.3%. That means that using the above formula and comparing our recovery rate to it you would save over $60.00 just using our electronic check collection service on only 100 checks! If you receive more than 100 per month do the math and see how much you can save.

Figures updated December 31, 2004.

Store ownersd their business to make money-not collect checks. Wed our business to collect checks! We provide all the data entry, daily and weekly reporting and electronic deposit of collected funds into your account weekly. With our reporting system you will rarely have a question. CheckMatic has a solution to meet your needs

Updated
Information subject to change without notice