Once retailers have done the heavy lifting of making a sale, they shouldn't have to worry about whether their customers' payments are going to process smoothly. When things like bounced checks get in the way, it can be a major headache for small and large businesses alike.
Fortunately, Money Transfer Systems, Inc. announced Friday (Oct. 9) that it has released a new service entitled checXchange Mobile to address transactions involving non-sufficient funds checks. Touting the new app as the first of its kind on the App Store, it allows users to take pictures of NSF checks, upload them to processing centers at no additional cost and receive resolutions within seven to 14 days.
As more and more merchants and consumers move to digital-based payments methods, checXchange Mobile promises to fill a gap in a payments continuum that stretches across new and old technologies. Money Transfer Systems claims a 75.6 percent average recovery rate for NSF checks, and all of the recovered funds are deposited into users' accounts as soon as they are made available.
The app is available to retailers free of charge on both iOS and Android platforms.
"If a business accepts paper checks as a form of payment and receives even one returned NSF check, it is worth their time to download and use this app," the company wrote in a statement. "ChecXchange Mobile will not only will replace their own NSF check collection efforts at NO COST but also increase their cash flow and profitability in the process, by increasing the recovery success rate by three to five times over in-house efforts."
A better way to reconcile bad checks can help retailers struggling with shrinking financial wiggle room, and if checXchange Mobile can help merchants at the very least begin the recovery process sooner, it could prove a worthwhile budget safety net.
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