When your customer bounces a check,
your bank forwards the
returned check directly to Checkmatic for processing. Our trained staff
enters the check into a database and re-submits it electronically via
one of our partner banks through the ACH network.
The check writers account is debited if the funds are available.
When the funds are collected and released, you receive no less than 100% face
value of the check no matter when it is collected
Your customers don't have to:
- Bring you a money order or cashier's check.
- Receive a threatening collection letter.
- Answer an uncomfortable phone call.
- Go through the embarrassment!
Our electronic collection process is much faster and more convenient
than any other method available, and it will work on any bank
in the U.S. and its territories.
And now with Checkmatic, collecting out-of-town checks has never
been easier!
Checkmatic Has Been Working For Many For Six Years
- Collected checks are PAID WEEKLY not monthly.
- Checks are processed from any bank in the U.S. Federal Reserve Banking
System.
- Out-of-town checks are handled as easily as local checks.
- Deposits made directly with merchants bank to settle funds.
- Works for any business, anywhere that accepts checks for payment.
-
Checkmatic Recovery Systems electronically collects
NSF checks for businesses and pays 100% of the face value of the check to the
merchant. The best part of our service is it is free to the merchants on all
electronic recoveries. We make our money by collecting the fee from the check
writers' account. We only collect the state allowed fee from the check writer.
In 1998 the laws changed regarding collection of NSF checks and the collection
rate has gone up to about 85%. Merchants with a minimum number of checks receive
rebates to offset NSF fees. With our online reporting system you can view all of your checks in the
collection process online. All information is updated daily. This means that you
will have the same information we do every day.
Our Most Recent Recovery Rates
- Our recovery rate using RCK in May 2005 was 76.2% with an overall rate of
86.9%.
- June 2005 using RCK 73.66% with an overall rate of 82.34%.
- July 2005 using RCK 74.14% with an overall rate of 83.37%.
Figures updated October 25, 2005.
How and when will I be notified of the checks in the CheckMatic
system?
You are notified every day by email or fax. You can find out
sooner with our online reporting system. You are paid weekly on all NSF checks
recovered electronically the week before. We electronically deposit your funds
every Tuesday* night on funds we receive the previous week. We don't pay out twice a
month as with other companies.
Electronic presentment gives us 2 additional attempts to collect the funds.
You are only allowed 1 additional attempt by your bank. If the check is still
not good after the second presentment, our software will monitor the check
writers' account for funds availability before presenting the third time. There
is no fee the on electronic attempts to retrieve NSF checks. The check writer
pays for results, not you! You only get results and not pay for the efforts.
There are some restrictions to the type of checks we can process electronically
Items that are ineligible for transmission as represented check
entries include, but are not limited to:
- Non-cash items as defined by Section 229.2(u) of Federal
Reserve Regulation CC
- Drafts drawn on the Treasury of the United States, a Federal
Reserve Bank, or a Federal Home Loan Bank
- Drafts drawn on a state or local government that are not payable
through or at a Participating Bank
- Money Orders
- Items payable other than United States currency
- Third party checks
- Demand drafts and third party drafts that do not contain the
signature of the Receiver
- Checks in excess of $2500
- Checks drawn on a business account
In order to be eligible to be transmitted as an RCK entry, the
check must meet the following criteria:
- Be an item within the meaning of Revised Article 4 of the
Uniform Commercial Code
- Be a consumer check drawn on or payable through or
at a participating DFI other than a Federal Reserve Bank or Federal
Home Loan Bank
- Be in an amount less than $2,500
- Indicate on the face of the document that it was returned
for NSF, uncollected funds or similar language. Unavailable funds is not similar language.
- Be dated less than 180 days from the date the entry is transmitted
to the RDFI
- Be drawn on a consumer account
Your only obligation is to notify check writers of your company policy on NSF
checks. We provide you with signs and stamps for point of sale businesses. If
you are mail order or Internet business, you must have your policy on your web
page or invoice. It's no different than having a return policy. We will provide
you with the proper wording to place on your site or on your mail order
forms.
Since 1998 when the laws changed we have been able to retrieve an average of
85% of returned checks by using electronic representment and traditional
methods! No embarrassing phone calls to the customer, no employees wasting time
and most of all 3 total presentments of which the odds are in your favor. No
additional bank fees for presenting two additional times!
With our check collection service there is no:
- Equipment Rental
- Statement Fee
- Set Up Charge (minimum 3 returned checks per month)
- Monthly Fee
- Transaction Fee
- Exempt Businesses
The size of your business doesn't matter. All of our clients are treated
equally. We are large enough to care for your needs but provide personal service
instead of treating you like an account number.
Here is a small sample of the businesses who take advantage of our
service:
- DHL Express
- Alvin Jr College
- United Publishers
- North American
- Move For Free
- Glo Tanning Studios
- Boy Scouts of America
- Dominos (Several Franchisee Chains)
- Subway
- Nevada Bobs Golf
- The UPS Store
- Envirotest
- Herff Jones (Several Offices)
- Central Florida Pediatrics
- Sanford Pediatrics
- Pediatric Plus
- Ice Sports Forum
- Houston Graduation Center
- Brady Hull Associates
- BlackJack Pizza
- City Of Fountain Colorado
- Little Ceasars
- Pizza Hut
- PK's Grill
- Mobil Uniforms
- Five Star Pizza
- BJ's Cafe
- Sidekicks Martial arts
- Pappa Johns
- Squires Tuxedo Rental
- Pill Box Pharmacy
Will you be part of our family?
The only investment required is the time it takes to fill out the proper
enrollment forms. We also guarantee you will never
pay to have any check recovered that is less than two years old, period! We do not accept checks
that are over two years old. Use our Centralized Returns and
reduce your return fees by 60% or more. We will also have your checks in our
system for collection in about a week instead of two weeks or more. Don't wait
to get your next NSF check or your first one to get started. Sign on now and
have our service ready to go to work for you! To receive an application call the
number below, or send us an e-mail with your contact information and best time
to call. We will usually respond to all requests the same business
day.
Call today for a free,
no obligation cost analysis.
Updated 10-21-2005
Information subject to change
without notice
Privacy Policy:
Customer data is used for internal
purposes only.
It is not shared or sold.
Customer may receive E-mail from
the company.
Checkmatic® Recovery Systems
P O Box 130021
The Woodlands, Tx. 77393-0021
Phone: 281-288-5450
Fax: 281-288-5848
Toll Free: 866-488-2300
