|
|
|
|
| |
|
 WHY JOIN? FIND SOLUTIONS HOW DOES RETEX WORK?    |
Check 21 and Check Recovery Businesses that accept payments from their customers by personal checks, payroll checks, traveler’s checks, and bank checks are all eligible to have the ability to eliminate all banking per check fees, bank run handling costs, and significantly reduce returned check fees. Here is how the service works. First, your company procures a dual-sided check scanner from our service provider, who programs the device, which you plug-and-play into your PC Computer when you receive it from the vendor. The dual-sided scanner converts the paper check to an Image Replacement Document (IRD) that must be accepted as the actual check by all banking institutions in the United States. There is no dollar limit on the dollar amount of the check that you can deposit. The next day you will know all returned or bad checks. With Centralized Returns these returns are sent directly to our recovery bank for immediate attention. The recovered checks are sent to you at once. Centralized Returns and Check Recovery The advantage to implementing the program is that it will increase your company’s cash flow. Deposits of funds will take no more than 48 hours, versus the 3-5 business days that checks are typically funded. Additionally, returned checks normally take up to 10 business days to process and can be expensive, (some banks have returned check fees of over $30). This program provides a Centralized Returns bank that significantly reduces your returned check fee to the actual fee that one bank charges another, which could be as low as $1, per item. In other words, the actual cost is passed along to your company, versus the mark-up of your traditional retail commercial bank. And, under this program, returned checks are known the next business day. And, this program includes free electronic recovery, meaning that you are going to be receiving 100% of the face value of the check amount that is recovered. And, because your paper check has been converted to an electronic check, under banking laws, these type of transactions fall under ACH/Debits, meaning that the bank will pay your receivable first, when the customers account is replenished with funds. If You Would Like To Sign Up For These Programs, Or Have Any Questions… To sign up for this service, the Retex Member may contact the “Business Services” hotline Monday-Friday during business hours, offered by Retex Services at 800-892-0879 in the Continental U.S. (Members in Alaska and/or Hawaii call 800-517-0158), and provide their name, company name, title, phone number and email. They will be contacted directly by Retex Services, who will provide them with the sign-up forms, and then; will introduce them directly to the service provider. Alternatively, any Retex Member may email Member Care. |
|
|
Retex is a Registered Trademark of Retex Cooperative, Inc. |
||
