Check Verification:
Here is how a verification works. The cashier feeds the check into the check reader
and enters the amount of the transaction. The cashier will get a response in three to six seconds. They
will know if the customer has NSF checks outstanding and if the customer has written an unusual
amount of checks in the last 24 hours. We can set limits on # of checks and/or total amount of checks
written hourly, daily or weekly. Check verification will not stop a bad check all the time
but it will stop someone from doing it at you store. Most bad checks are written within a local area.
Once a check is entered into our system and our server is updated at the end of the day
a check writer is not removed until fully paid. If a "denied" is returned from the verification system,
your clerk can bring the check to the manager to check from reports that you are sent daily in your e-mail.
If their name is on the report you can give our phone number to them to clear it up.
Check verification is not a magic machine but it can eliminate the chronic bad check writer.
CheckMatic maintains a national data base. This data base is contributed to from merchants nationwide.
We have independent offices across the country that upload bad check data every day.
Our check verification is not a source of revenue. We provide this as a tool to cut your
losses and increase your profits. We only charge a nominal fee to cover the phone call and
server maintenance. Your check verification equipment calls an 800# so you are not paying the phone bill.
The national average for collection on dishonored checks is just over 60%.
With our check verification the rate can be as high as 90% in most areas.
We make our money collecting the checks. The higher the collection rate is for you
the more money we can make.
Check Guarantee
Don't get influenced into check guarantee by another company. The guarantee is that they
make more money than they will save you! Let me give you an example.
100 checks at $35.00 times 3% + .35 per transaction = $140.00
3% of checks returned = $105.00
80% recovery rate = 2.4 checks or $84.00
With check guarantee your cost is $140.00
With check collection your cost is $31.00
Another way to look at is that you will spend $140.00 to get an extra $31.00
The guarantee company will collect about $84.00 + $60.00 in return fees for a total of $144.00
so they get your $140.00 in fees from the merchant plus another $144.00 in collections
and only pay you $105.00. They still wind up $179.00 ahead of the game.
What a deal for merchants, huh?
Our recovery rate using RCK in January 2002 was 76.2% with an overall rate of 86.9%.
February 2002 using RCK 73.66% with an overall rate of 82.34%. March 2002 using
RCK 74.14% with an overall rate of 83.37%. That means that using
the above formula and comparing our recovery rate to it
you would save over $60.00 just using our electronic check collection service on only
100 checks! If you receive more than 100 per month do the math and see how much
you can save.
Figures updated May 6, 2002.
Store owners opened their business to make money-not collect checks.
We opened our business to collect checks! We provide all the data entry, daily and weekly
reporting and electronic deposit of collected funds into your account weekly.
We are selectively placing account managers across the country. If we do not have one in your
area one soon will be. With our reporting system you will rarely have a question.
CheckMatic can tailor a solution to meet your needs
