Challenge

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 (whom already has their goods or services) and collect on the monies that are due.  This process can take 30-60 days and doesn’t always mean that the retailer will collect on the bad check and in fact are only successful 25-35% of the time.  A large number of bad checks can jeopardize a business because of the decrease in cash flow and lose of goods or services.

Solution

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.  Since we are able to strategically time the presentment of a check and 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, usually in less than 16 days, which helps to keep the cash flow stable.

Retailers no longer have to worry about bad checks and can focus on growing their business.