Traditional check recovery companies often use outdated methods. They attempt to collect returned checks by writing letters and calling the hot check writers. Basically, they send the check writer a bill and hope it gets paid.
Even with the increased use of debit/credit cards by retail clientele, the ability to accept paper checks has continued to be a major medium for payment. In fact, the Nilsson Report projected the number of checks written annually will increase 2% to 4% by the year 2020.
In the past, businesses have had little choice but to wait for the bad check writer to decide to pay. Today, electronic check recovery provides a more effective solution with a system that gains access to the hot check writer’s account through the Federal Reserve Bank.
ReChek uses this technology to reach into the hot check writer’s account upon first deposit and get your money.
- Collects it fast. There is no faster way to collect money. Many NSF funds will be collected in the first 72 hours. At
ReChek, scanning and imaging the check into the computer have replaced most of the data entry.
- Increases your cash flow.
The sooner we collect it, the sooner you have it back.
- Gets paid first. Electronically submitted checks take precedence over paper checks at the bank. In other words, when an electronic check gets to the bank at the same time as a paper check, the bank pays the electronic check first. Electronic checks, in many cases, will clear the bank ahead of paper checks written days earlier.
- Increases recovery ratios.
Paper checks can only be deposited twice; electronic checks can be presented a third time. This increases the chance of getting the money by 33%.
- Eliminate your redeposit bank charges.
- Provides customer friendly service.
No embarrassing confrontation. The check writer does their banking and their check automatically gets paid.
- Sends you regular reports proving our results.
Many of our clients break even or even make a profit utilizing our services. Every client has different goals.
ReChek can help you attain those goals and then show you the results clearly and concisely.