RecoveryNow!™

RecoveryNow!™ is a cash flow improvement service offered to all your business checking customers. It can also be offered to business prospects that don’t yet have a relationship with your bank.

It is provided at no cost. It requires no marketing or selling by your bank. And it generates significant new fee income for your bank. Sound too good to be true?

HOW IT WORKS
Today, when your business customer deposits a check from its customer in your bank and that check is then returned due to insufficient funds, your bank usually returns this check to your business checking customer (a returned deposit item or chargeback). It is then up to your business customer to collect the proceeds of the NSF check from its customer either themselves or using a traditional collection agency. The collection rate of these NSF checks is usually 30% and a lot of expense, time, effort and hassle on your business customer’s behalf to get the money owed to them.

With RecoveryNow!™, your bank provides a service to help your business customer collect their hard-earned money. Instead of returning the NSF check to your customer to deal with, you send it to StrategyCorps and our check recovery partner, CheckVelocity. We process the NSF check and increase the collection rate from 30% to 70% via electronic presentment up to two more times at strategic time slots. When the funds are collected, we then deposit 100% of those funds into your business checking customer’s account with no effort by or cost to your bank’s customer.

RecoveryNow!™ is provided at no cost to your business customers. There is no selling or marketing involved as it is automatically provided to business customers. At any time, your business customer can stop receiving the RecoveryNow!™ service.
For providing this service to your business customers, your bank, StrategyCorps and CheckVelocity share the state regulated fee ($25-$30 in most states) for collected NSF checks. This fee is collected along with the face amount of the check from the check writer. Your bank foregoes no existing presentment fees to participate in this new fee income source.

GETTING STARTED
There is no additional investment in customer service as CheckVelocity provides customer service and support. There is no special hardware or software for your bank or business customer to purchase. Reporting to your business customers all historical and current activity of NSF checks written to them is available online (including images of the front and back of the check) at no cost to your customers.

In less than 60 days, RecoveryNow!™ will be up and running at your bank bringing in new fee income and differentiating your business customer services. It will be supported by the check recovery industry’s leaders in marketing, processing and customer service – StrategyCorps and CheckVelocity.

RecoveryNow!™ will provide a significant source of new fee income to your bank with a cash flow improvement based benefit. It is a differentiated, “door-opening” tool in your business banker’s toolkit to see and sign up more new business accounts and retain existing ones.

Contact us today to learn more about RecoveryNow!™