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ELECTRONIC CHECK RECOVERY
According to a 2007 Federal Reserve Payment Study1, more
than 30 billion checks are written each year and 150 million of those checks are
returned unpaid. With the average face value of those checks going up each
year, it has become costly and more time-consuming than ever for business owners
to recover an NSF check.
Your Financial Institution can help relieve your business customers of the task
of check-collection by offering DoubleCheck. Not only will you increase your
customers' collection rate substantially, but you will also significantly reduce
the time it takes. DoubleCheck provides automatic and strategic re-presentment
of an NSF check to the consumer's financial
institution converting the check into cash within days instead of weeks or months - returning the full face-value of that
check to your business customer. DoubleCheck eliminates the need for your
customers to become "collection agents" and frees up more of their time to dedicate
to running their business.
COMMERCIAL ACCOUNT BENEFITS
No Cost - paid by the check writer from state authorized returned check fees - No Special Equipment or Set-up Fees - POS decal notice and suggested word copy provided
for business invoices and statements
24/7 Real Time Reporting - secure online tracking provides detail on all NSF checks Internal Collection Efforts Reduced or Eliminated Focus - helps focus efforts on core business not collection business Improved Rate of Recovery through strategic re-presentment Increased Speed of Recovery through electronic submission Increased Efficiency - returns 100% of face value
.FINANCIAL INSTITUTION BENEFITS
No Cost - paid by the check writer from state authorized returned check fees
No Special Equipment or Set-up Fees - overnight mail or electronic image
Operating Efficiency - consolidation of return items
Return Item Fee Income - remains intact
Competitive Advantage - are other financial institutions providing this service?
Loyalty - commercial account retention enhanced
New Source of Recurring Non-Interest Income
Program Participation, Retention and Satisfaction
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