A check recovery service for businesses provided by Check Velocity.
Features and Benefits:
- Utilizes the Automatic Clearing House (ACH) Network
- Collect more money, more often
- Recover 100% of the checks face value
- Track items and download reports 24/7
- Gain timely transfer of funds
- Focus on day-to-day operations
Frequently Asked Questions:
- What does Check Velocity do?
Check Velocity provides check collection services by resubmitting returned checks automatically through ACH network.
- Who can benefit from Check Velocity?
Any business that accepts checks for goods and services.
- Why does a business need this service?
To recover revenue lost on bad checks. Check Velocity strategically chooses when to check writer's account is debited, which results in a substantial increase in recovery rates.
- How and when does Check Velocity provide reimbursements?
Within 5 business days after settlement however reimbursement may take up to 90 days.
- Does Check Velocity provide both automatic check re-present and traditional collection methods?
Yes. If the business checks cannot be collected electronically after the max number of attempts allowed, then the traditional secondary collect process is provided at the business request by calling Check Velocity.
- Is there a fee for Check Velocity's services?
No cost to the business to recover the check electronically- once collected, the business will receive full face value of the check. The check writer's account is charged the state regulated NSF fee to cover the cost of collection.
- Is Check Velocity's process available for all checks?
They can collect most NSF or uncollected personal or business checks sent to them. The check amount must be $2,500 or less, and the check writer must be an individual. They cannot recover stop payment, stale dated, or account closed checks.
- Will Check Velocity notify me when a check has been returned?
No. However, a business can view the image and track the status of any check in the system through their reporting platform- accessible through the internet.