VERIPAY Check Recovery

VERIPAY Check Recovery is by far the best way to recover checks that are returned non-sufficient funds (NSF). By using a variety of fully electronic collection techniques, Paytech’s VERIPAY can provide the absolute highest collection ratios and the quickest funding available today.

Paytech’s VERIPAY supports two distinct pricing models for this service, each of which pay to the merchant the full face value of the recovered checks. In the no cost to merchant model, all fees for recovering the check are paid by the check writer. In the no cost to check writer model, the merchant absorbs the nominal per transaction charges for recovery of the checks.

Automated NSF Check Recovery

• Receive 100% face value of collected checks
• Fully automated electronic process
• Electronic account monitoring assures highest collection ratios
• Comprehensive online reporting
• Powerful and cost saving consolidated returns option
• Generous rebate/revenue share program on all collected fees
• Multiple Pricing Models Supported
• No cost to merchant option, or
• No cost to check writer option

The key to Paytech’s VERIPAY’s success is Electronic Account Monitoring System (EAMS). With EAMS, accounts are able to be electronically queried to find out when the checking account has sufficient funds to cover the outstanding item or returns to a positive balance. A positive response triggers an electronic debit of the checking account for the amount of the NSF check. VERIPAY Check Recovery will then automatically fund each item successfully collected to the merchant.

This completely electronic process not only substantially increases the chances that the check will be recovered, but also saves the customer from the embarrassment of paying in person, or the aggravation and ill-will from receiving harassing phone calls, letters or other typical collection methods.

Free to Merchant Option

Not only can Paytech’s VERIPAY provide these services free of charge, but also with the generous rebate program, Paytech’s VERIPAY will actually pay the merchant to collect their NSF checks. How does this work? After collecting the face value of a check, Paytech’s VERIPAY will charge the check writer who wrote the NSF check a fee that is equal to the maximum allowed by state law. Paytech’s VERIPAY will then rebate the merchant a portion of this fee, which can be used to offset their bank charges. And since the amount rebated is typically greater than the merchant’s bank fees, in many cases this can actually become a revenue-generating resource for their organization.

Reports

• Browser based reporting available online 24/7/365
• Exportable to PDF, Excel, Word, and CSV Formats
• Numerous filter and sort options on each report
• Breakdown by location and division or report corporate-wide
• Item activity reports
• Collection ratios and statistics
• Check Images Stored and available Online for print and/or email.

Security

• User access can be limited to a single location or division
• System administrator can control access and capabilities of each user
• 128bit SSL encryption

Additional Services

• ATMverify – avoid bad checks by performing upfront verification
• Consolidated returns – reduce bank fees and simplify collection and reporting