Case Studies
CheckMate's Check Services
The Customer: This regional restaurant had over 35 locations. The restaurant provides a fun, affordable family atmosphere.
The Challenge: This company has been using a check recovery service that was out of state. They were frustrated with the lack of customer service, reporting and poor recovery. With over $20,000 a year in bad checks and a recovery rate of under 20%, they needed to make some changes. They were considering a no check policy and only taking credit cards.
The CBS Solution: CBS' CheckMate Recovery Service was the answer. After reviewing the overall benefits of checks vs charge, CheckMate designed a program to meet their needs, allowing for full accountability with minimizing losses. CheckMate's program was designed to encourage more good checks while recovering the few bad ones.
The Results: In just one year, the restaurant saw their recovery rate jump from under 20% to over 67%. Overall losses on bad checks over the year were held below $8,000. It was projected that had all check sales been move to credit cards, that their credit card fees that year would have been over $40,000. Thereby, saving them over $32,000 a year.
Click here to get more information on CBS' Business Solutions and how to become a CheckMate member! You should receive a response from a sales representative by the next business day.
CheckMate's ACCESS Verification Services
The Customer: This "family owned" business had two full service convenience stores, with gas stations, which operated extended early morning and late night hours.
The Challenge: For the last three years they had been with TeleCheck's Check Guarantee Service. With a charge of only 22 cents per check, there was really no cause for concern by the business. CBS' offered a free analysis of the program.
After a close review of all the costs, it was discovered that there were numerous hidden fees resulting in an annual cost of over $3,500 per year. In addition, over $1,000 in non-warranteed checks were being returned each year, resulting in the store managers spending hours each week attempting to collect the checks themselves.
The CBS Solution: CheckMate's POS Verification Service was designed to provide the security of check verification backed by the strongest bad check database in the area. The Optimum Program was tailored for convenience stores.
For one low monthly fee, the program provided them with maximum results at half the cost of TeleCheck's Guarantee Service. The program was designed to maintain confidence in check acceptance while stopping the few bad check writers when you need to – before they leave with your merchandise.
The Results: The business is no longer paying to update equipment annually, high collection fees or variable month-to-month charges. With the Optimum Program they pay a small, set monthly fee, receive 100% face value of all checks collected, a rebate to defray bank fees and free upgrades on all equipment. Total savings is $3,000 per year.
Click here to get more information on CBS' Business Solutions and how to become a CheckMate member! You should receive a response from a sales representative by the next business day.
CBS Credit Reporting Services
The Customer: A local coop in a small town.
The Challenge: The coop had always had individuals complete a credit application. However, they never verified the information on them. The information was primarily used only when the account didn't pay.
The CBS Solution: It was determined that a quick and easy way to evaluate the credit application was to pull a single bureau report. With this information the coop is better able to determine credit limits. It was determined that this new procedure would be utilitize on any new applicants/residents who wished to purchase fuel and propane.
The Results: The coop is now able to better determine which customers need to pay by cash. They have increased their cash flow and dramatically decreased their delinquent accounts.
Click here to get more information on CBS' Business Solutions and how to become a CBS member! You should receive a response from a sales representative by the next business day.
CheckMate's ACCESS Verification Services
The Customer: Various Local Area Merchants.
The Challenge: Providing a check verification service that help minimize losses from fraudulent checks.
The CBS Solution: CheckMate's ACCESS verification equipment and timely updates to the database.
The Results: A bank authorization partner of CheckMate received a $17 bad check from an individual. Within a few days the information was posted onto the database. As the inquiries came in from our ACCESS verification partners, time and time again her check was stopped. Hundreds of dollars were saved in merchandise and processing fees.
While CheckMate couldn't stop the first bad check – with ACCESS verification we stopped all the other bad checks again and again. Businesses using ACCESS verification lost only $17, while those businesses NOT on ACCESS verification lost over $30,000. While some of the merchandise was recovered and an individual is now in jail, all the headaches, problems and monetary losses could have been avoided with CheckMate's ACCESS verification.
Click here to get more information on CBS' Business Solutions and how to become a CheckMate member! You should receive a response from a sales representative by the next business day.
Success Story Update: After signing up with CBS' CheckMate program locally, a nationally chained casino saw a 25% reduction in bad checks and a 20% increase in recovery. After one year, their recovery remained high at 38%. Nationwide the average recovery rates for casinos is 10%. Once again CBS provided recovery rates at double the national averages.