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Bentley Commerce Corporation to Acquire an Equity Interest in CollectAChek

Wednesday 21 April 2004 16:58 CET | News

Bentley Commerce has agreed to purchase a 20% equity interest in 1210 N. Congress Corporation DBA, CollectAChek, (www.collectachek.com), a cash flow management company that pioneered free NSF (Non Sufficient Funds) check recovery services for businesses, in an exchange of stock.

When banking regulations changed three years ago, CollectAChek, developed a system to recover 100% of the face value of NSF consumer checks, up to $2,500, at no cost to businesses. CollectAChek recovers bounced checks electronically for merchants by debiting NSF writers bank accounts for the full face value of the check, together with a state-authorized fee it receives. In addition to getting back the full value of NSF checks that are collected, this often allows merchants to accept consumer checks without a costly guarantee service or expensive collection agencies. CollectAChek recovers checks for a wide range of businesses that include: Discount Tire, Meineke Car Care Centers, Goodwill Industries, Subway, Fantastic Sams, Supercuts, Le Gourmet Chef, Kelly-Moore Paints, Boys & Girls Clubs of America, and Jackson Hewitt Tax Services. CollectACheks electronic system of re-presentment of NSF checks is faster, avoids paying second bounce fees and typically recovers about 70% of NSF checks, which is about twice as many as traditional methods -- and is a FREE service. In addition to recovering NSF consumer checks for free, NSF business-to-business checks for an unlimited amount can also be recovered by CollectAChek for 10% of the face amount of the check plus the state allowed fee. This is considerably less than the fees typically charged by traditional commercial collection agencies. Third party checks, which are usually payroll checks that merchants accept, can be recovered in a similar manner. Bentley Commerce is acquiring its equity in CollectaChek with an exchange of stock with two of CollectACheks founders. Robert Schumacher, president of Bentley Commerce Corporation, one of the founders of CollectAChek, is exchanging his 10% interest in CollectAChek for Bentley Commerce Corporation shares. Services Bentley will offer with CollectAChek include: -- FREE Recovery of NSF Checks -- electronic re-presentment of NSF checks is faster, avoids paying second bounce fees and returns a higher recovery rate for merchants than traditional methods -- and is a FREE service. -- Check Verification -- By using a check-reading device at the point of sale, businesses will know within seconds if they should accept a customers check or ask for a different form of payment. -- Consolidated Returns -- For merchants who experience a high volume of returned checks per month, their NSF checks can be consolidated into one account. This can reduce or even eliminate bank fees for returned checks, and significantly increase the recovery rate for NSF checks. -- Check Guarantee -- Checks are a popular form of payment and are the preferred non-cash payment method at the retail point-of-sale. A check guarantee service provides a simple and economical way to increase revenue at a place of business by accepting checks. -- Point of Purchase (POP) Checks -- With POP Checks, the cashier runs a check through the same verification process and uses the customers bank information to debit their account electronically. Customers sign a credit card-like receipt authorizing the electronic debit to their accounts. Since the check is no longer needed, the merchant returns it to the customer along with the receipt. -- Debit Card Services -- Businesses that accept debit cards enjoy reduced fees compared with other card payment options, guaranteed payment of funds (no returned checks), higher margin sales and increased impulse sales, cash-back option, and payment of funds to the merchant-designated financial institution usually within 24 hours. -- Repetitive Payments (ACH) -- Automatic processing for receivables and payables, through the Automated Clearing House (ACH) Network, places a business in complete control of its cash flow. Monthly or periodic payments improve cash flow, reduce costs and enhance customer service. -- Ac


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Categories: Payments & Commerce | Payments General
Countries: World
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