checXchange™ Electronic Check Recovery (RCK), converts non-sufficient funds into electronic items and sends them through the Automatic Clearing House (ACH) Network for collection. The National Automated Clearing House Association (NACHA) approved the rule that allowed returned checks to be collected through the ACH Network in 1998. By using this system, it becomes easier and faster to electronically re-present the check directly into the check writer’s account for funding.
By electronically processing a check the number of additional attempts to process is increased to two, as opposed to one when physically “re-presented.” This helps to drastically reduce cost and makes the collection of checks for smaller amounts more economical. Electronic transactions are also given priority over paper drafts which allow our transactions to move to the front of the line.
Consider another item, when the re-presentment is made through the ACH Network; funds are collected faster and typically given priority over other paper checks in the re-presentment process. Merchants are able to collect 100% of the face value on recovered checks without additional cost. With the aid of checXchange™ the recovery rate average increases to 75-85%.
Implementation of checXchange™ services is quick and painless. Checks are routed to checXchange™ for processing, and collected funds are deposited into the merchants account on a weekly basis. Merchants are provided with reports on returned and collected checks through daily emails or faxes. Additionally all of the merchants returned check activity can be viewed 24/7 through the checXchange™ free online reporting website; this data is live directly from the production database.
- checXchange™ is a FREE Service
- 75-85% recovery rate
- Keeps merchant 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
- All returned checks are strategically represented using a proprietary model optimizing potential for collection
- Provides 24/7 on-line real time access to all checks being processed by checXchange™