This same White Paper also states:

"The 1996 National Retail Federation (NRF) estimates annual retail losses at $5.9 billion for check fraud. Of the total $5.9 billion in check losses, 70% or $4.13 billion represents checks returned to the retailer due to insufficient funds (NSF). 28% or $1.8 billion of the checks returned to retailers are due to fraud"

As you no doubt know, NSF's affect the bottom line. And, one of the big problems is the time it takes for you to be notified you have a NSF. Normally, merchants won't be notified for at least 7 days. Converting to an Electronic Check at Point of Sale speeds up your notification tremendously. The Electronic Check can speed up your entire check handling process--both at the cash register and in the handling of the check thereafter.

For example, you will know if a check is returned for insufficient funds in about 48 hours as opposed to 7 to 10 days with paper checks.  In addition, we present NSF checks electronically a second and third time so your changes of collecting are greatly improved.

The Electronic Check can:

Speed up your entire check handling process Eliminate delays in knowing about an NSF check Dramatically improve your ability to prevent check fraud Dramatically improve your Collection Rate Provide fast turn-around in payment time Reduce paper expense

We use a data base called Rocky Mountain Retail Systems. Rocky Mountain was established in 1991 and now services over 75,000 merchants in 42 states. It is handling a daily volume in excess of 350,000 transactions per day and is authorizing $4.85 Billion dollars in transactions per year.

Our data base is used by check collection agencies, credit card processors, and large merchant chains, including large grocery store chains.

By capturing the information on the bottom of a check, it is able to accurately monitor account information in a positive file and returned check information in a negative file. It is also one of the best systems for accumulating individual ID's associated with each account and to associate several accounts with one or more ID's.

By tracking the velocity of check written in a specified period of time, it is uniquely suited to catching fraud. Normally, if checks are stolen, the person tries to write as many checks as possible in the shortest period of time. This data base tracks such activity and rejects further checks on that account when the velocity exceeds a preset limit.

Verification is required for Point of Sale Conversion and is included as a part of our Point of Sale System.

Electronic Point-of-Sale Conversion is now economical enough so even small to medium retailers can participate. Pricing will vary depending on volumes so contact us to secure a quote. We work with all sizes of retailers and have very favorable pricing structures.