It does this by managing the entire check “life cycle” for merchants. Click here to see typical return on investment. Vx features four products: VChecktm VPaytm RecoveryPlustm (also called R+tm), and VShrinktm

VCheck protects against losses from personal checks tendered for payment in checkout lanes. VPay protects against losses from payroll checks cashed at service desks. Both include provisions to link with banks, courts and check recovery companies.

R+ helps stores maintain check cashing and customer lists. It also helps collection agencies track and recover bad checks.

VShrink guards against fraudulent merchandise returns. For example, it helps stop criminals who pick-up a bottle of wine, or tool, in a store for the sole purpose of fraudulently getting a refund at the service desk.

The four products exchange information with MicroNEX’s fraud prevention database at our data center. Realtime pattern recognition is used at the center to detect and suppress fraud. The products are integrated into most CRISP and DataLiquor Millennium retail management systems. Vx products may also be used with stand-alone equipment to complement any register system.

VCheck, VPay, and R+, simplify life cycle administration of work steps that are required when paper checks are accepted at point-of-sale — and are used as the industry best practice standard for check management in the retail industry by a major management consulting company.

In addition to improving overall efficiency, they cut losses from fraudulent checks by more than 80% when properly used. The savings are well documented in the operations of numerous accounts where collection operating costs were cut 20-30% by largely eliminating labor wasted on uncollectible checks.

See:
Need Greater Now Than Ever Before
Check Management, Today White Paper
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