Check Recovery

Electronic Re-presentment of NSF checks

Every company seeks to run an efficient and profitable business. Collecting funds due on returned checks can be a burdensome and costly task. Statistics show that up to 50% of Americans still use paper checks as their primary method of payment. On average 1% to 3% of these checks are returned. The reason for 70% - 80% of these returned checks is due o insufficient funds.

Utilizing state-of-the-art technology to provide a turnkey and efficient electronic solution of collecting NSF checks, all NSF are sent directly to checkAssurance's electronic check processing center where the paper check is automatically converted to electronic format. checkAssurance will collect 75%-80% of NSF checks because the electronic re-presentment is submitted the most opportune collection time directly from the check writer's bank account.

Benefits to the Merchant

Recover 100% of the check's face value!
The check writer's account is charged the state regulated NSF fee to cover the cost of collection.

Faster Deposit to Merchant bank account

As an industry standard, it takes approximately 7 days from the time the file is received by the ACH to procure payment. Transactions that are recovered are then deposited directly into the merchant's account for reconciliation. Traditional collection methods take 30-60 days to recover the NSF items compared with 7 days using electronic check re presentment.

Dramatic improvement in collection rates
The National Automated Clearinghouse Association (NACHA) reports increases in collection rates by as much as 50% as compared to traditional collection methods. Recovery can be as high as 80%. The faster the NSF check is represented electronically, the higher the recovery rate.

Lower collection costs
Most banks charge $2-$4 to redeposit a NSF check, whereas with electronic check re presentment there is NO charge for representing the item. Most banks charge $5-$10 per re-deposited NSF checks the second time; whereas, with electronic check re-presentment there is NO charge for NSF checks that are returned a second or third time.

Track items and download reports 24/7
Online reporting provides the fastest method of tracking returned checks. View or download reports by date range, store number, amount.