CheckVelocity FAQ

• What does CheckVelocity do?
  read moreWe provide check processing services. These consist of check verification and electronic recovery.

• Who can benefit from CheckVelocity?
  read moreAny business that accepts checks for goods or services.

• Why do I need electronic check recovery powered by CheckVelocity?
  read moreTo recover revenue lost on bad checks. CheckVelocity strategically chooses when the check writer’s account is debited. The result - a substantial increase in recovery rates.

• Is CheckVelocity more effective than traditional methods of recovering NSF checks?
  read moreYes. Statistics show merchants using the traditional collection methods experience a 40% to 50% recovery rate. CheckVelocity can increase the recovery rate of NSF checks to 70% to 80%.

• Will CheckVelocity save me time and money?
  read moreAbsolutely! We handle the entire collection process, so you don’t have to write letters or make phone calls to check writers. The recovered funds are deposited into your account within five business days after settlement. Reports can be accessed via the Internet.

• Does CheckVelocity provide both automatic check re-presentment and traditional collection methods?
  read moreYes. If your checks cannot be collected electronically after the maximum number of attempts allowed, then the traditional secondary collection process is provided at your request by calling CheckVelocity customer service.

• How do I view my account activity?
  read moreAll check activity can be viewed and manipulated through our reporting system via the Internet.

• Is there a fee for CheckVelocity’s services?
  read moreThere is no cost to you for CheckVelocity to recover checks electronically— once collected, you will receive the full face value of any check. The check writer’s account is charged the state regulated NSF fee to cover the cost of collection. As a “safety net”, traditional/secondary collections are available for a fee as stated in the Terms & Conditions. Should you choose not to utilize this option, these checks will be returned following the automatic recovery process.

• Is CheckVelocity’s process available for all checks?
  read moreNSF checks are eligible for our electronic check recovery service. Other returned checks, such as stop payment or account closed checks can be collected with our secondary collections.

• What must I do to inform customers?
  read moreYou must notify your customers that returned items may be collected electronically. This notice can be placed at the point of sale or on a monthly billing statement. We provide a Welcome Kit with the decals for the point of sale notice. If you don’t receive checks at a point of sale, this same language should be included on your invoice statement.

• Do I need any special equipment?
  read moreNo. CheckVelocity will scan your returned checks and make images of those checks available for you to view via the Internet. Equipment may be needed for verification services.

• How and when does CheckVelocity provide reimbursement?
  read moreCheckVelocity will credit funds to your account within 48 hours of collection.