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checXchange™ For Financial Institutions
checXchange™ provides financial institutions with a free, value added product to offer to their commercial customers that generates significant recurring non-interest income.
Typically, a customer prepares a deposit, physically goes to the bank, and their account is credited for the checks received from their customers during the day. Unfortunately, some of those checks will be returned. The bank debits their account, charge a fee, and returns the check to the customer for collection...MORE
checXchange™ for Merchants
checXchange™ provides merchants with an automatic and effective service which enables them to manage their business without the time and hassle of collecting bad checks.
Typically, a merchant prepares a deposit, physically goes to the bank, and their account is credited for the checks received from their customers during the day. Unfortunately, some of those checks will be returned. The merchant’s bank will debit their account, charge a fee, and return the check to the merchant for collection.
The merchant must then start the annoying process of contacting the customer and trying to collect for the goods and services they provided. checXchange™ takes this distasteful task out of the merchant’s hands and uses it’s sophisticated technology to automate the recovery process. We use our highly specialized and strategic presentment platform, to initiate the collection process automatically. All successfully collected items are reimbursed weekly to the merchant at 100% of the face value of the returned check. If the item is not collected then it is returned to the merchant or placed with our secondary collections department...MORE
checXchange™ with RDC
Using a low cost scanning device, checXchange™ allows the merchant to scan all checks, prepare a deposit summary, and electronically deposit to their bank without ever leaving their place of business. If any checks are returned, we use our highly specialized and strategic presentment platform to initiate the collection process automatically. All successfully collected items are reimbursed weekly to the merchant at 100% of the face value of the returned check. If the item is not collected then it is returned to the merchant or placed with our secondary collections department...MORE
Typically, a customer prepares a deposit, physically goes to the bank, and their account is credited for the checks received from their customers during the day. Unfortunately, some of those checks will be returned. The bank debits their account, charge a fee, and returns the check to the customer for collection...