When checks are returned, continued collection efforts can be time-consuming and sometimes unsuccessful for your business. Our Check Recovery service3—a free feature of your business checking account—can relieve the burden and help you increase your overall collection rate.
With Check Recovery, returned checks are sent to checXchangeTM,3 (a product from our vendor Money Transfer Systems, Inc.), where eligible checks4 are converted for electronic re-presentment. All checks collected successfully through checXchangeTM are reimbursed to your company for 100% of the face value, with collected funds deposited to your account on a weekly basis. You'll have 24/7 access to item images and tracking information, with re-presentment timed to improve the odds of success.
Our Lockbox Services can help you speed up collections, increase the availability of funds, reduce internal costs and automate the posting of receivables. Your customers simply send their payments to a dedicated P.O. box, and we take over from there.
If you have a high volume of customers sending in payments, Retail Lockbox can capture the remittance data from a scannable coupon electronically, generate an electronic payment file and transmit the information for automatic postings. If you’re collecting fewer or more sporadic payments, our Wholesale Lockbox service could be just what you need to process and deposit the payments in your account quickly. In addition, you can take advantage of our Lockbox Image Archive, an online service with robust capabilities to view, search, print, and download check images and remittance information.