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MINNEAPOLIS - Meijer, based in Grand Rapids, Mich., has chosen treasury management service provider Solutran for its returned-check management and check loss-prevention services. Under the terms of the agreement, Solutran will handle returned-check consolidation (RCC), electronic check re-presentment (RCK), and service fee recovery services for all Meijer's locations.
Consolidated returns, or RCC, routes all of a client's returned checks, no matter the retail location at which the check is written, to Solutran for transaction consolidation. Returned checks are received up to six days earlier, allowing merchants to get bad check writers into a negative file database sooner. This closes the window of opportunity for bad check writers to write more checks, resulting in fewer check losses.
Electronic check re-presentment, or RCK, converts paper-check information to electronic information, allowing Solutran to re-present checks for payment electronically via the Automated Clearing House (ACH) network. RCK improves clear rates on NSF checks, allowing retailers to enhance their check collection strategies, reduce bad debt, and save operating time and money.