Centralized Returns   Online Reporting

Centralized Returns is a system where all returned items are sent directly to our bank. Since the returned check is not sent to your bank then you are not charged the return charge by your bank. Typically merchants are charged any where from $3.00 to as much as $20.00 or more per returned item. Our charge can be as low as $2.00 per item. The big benefit not including the cost savings is we will have the checks in our collection system much faster than if it has to go back to your bank and then to us by US mail.

The cost savings and turn around time getting the funds back into your bank can be phenominal using centralized returns. Depending on the state you are in and/or the volume of checks you receive, the low return charge can even be refunded with the collection of the check.

Compare of what you are being charged now and how much you can save. Typically we can have the check in our system in three to five days with centralized returns instead of ten days to two weeks without centralized returns.

• Reduced Bank Fees Receive preferred pricing on return item fees from CheckMatic by using centralized returns to our bank.
• Fewer Losses Get faster access to return information, which helps prevent you from accepting more bad checks from the same check writer and increases our collection rate. This will work best if using our check verification system.
• Improved Cash Flow Since you will pay less for returns you will have more funds in your bank to run you business with or pay off any outstanding loans you may have or invest in something profitable.
• Real-Time Online Reporting with Images Access your accounts at any time and see your returns as soon as they are received and charged against your account, not a day or two after. Your return item images include both the front and the back of every return. This is in addition to our daily notification reports at no charge.
• User Defined Access to Online Reporting Control access to your accounts by individual locations and corporate reporting access of all locations.
• Complete Data Capture Capture up to 31 different data fields customized to your requirements.
• Advanced Return Notification By the time you receive our daily e-mail notification of returned items they will already be live on our online reporting.
• Print Reports From Browser Print out any checks and data 24/7 directly from your browser.
• Secure Online Reporting Our online reporting is a VeriSign secure site.
• No Middle Man Many providers of centralized returns programs actually work through other processors and must wait to receive the information of returned items and other associated data from the other processors before reporting it to them and then report it to you. We set it up where you can get an email sent directly to you with the MICR file and images of the checks that are returned. The image below illustrates the process most providers use. Our process is the same except one of our partner banks will provide the account that you will have your insured deposit with and you will receive your data at least a day faster.

The Centralizing Bank sends us the images and associated data of the checks daily. At this point we perform the necessary data entry and start the collection process. You are notified of the returned items and our bank will debit your account the next day to replace the funds with our bank, unlike your bank that notifies you a few days later! Your account that is set up for consolidated returns is a FDIC insured bank and it is your account. The $2.50 is for demonstration only. You may be charged more or less depending on your volume of returned checks. We negotiate on your behalf to get you the lowest charge for your returned checks based on the number of returns you have per month.

Updated 10-30-2005
Information subject to change without notice

 

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Checkmatic® Recovery Systems
P O Box 130021
The Woodlands, Tx. 77393-0021
Phone: 281-288-5450
Fax: 281-288-5848
Toll Free: 866-488-2300

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