Chexar’s industry leading standard for converting ANY CHECK into instant cash or value is not limited to brick and mortar locations. In addition to Chexar’s kiosk self-service solutions with our partners at Nexxo Financial (http://www.nexxofinancial.com), we offer this capability on smartphones with the Remote Deposit Capture solution our clients choose including those offered by our friends at Cachet Financial (http://www.cachetfinancial.com/).
Mobile is the mechanism world wide that most believe bridges this “convenience gap” for the consumer. This is why Chexar is putting so much of it’s focus on Mobile Deposit Capture with instant “good funds” availability. For the underbanked consumer it is important not to confuse “instant availability” in a traditional account sense with “good funds” instantly available. In the traditional account scenario, even if the funds are credited “immediately”, the credit is by definition “provisional” and will be reversed if the check bounces. This is not “good funds” and this consumer knows it. Chexar is leading the path in the industry to enable the connectivity and confidence levels between the program managers, issuing banks, card processors and mobile technology companies to make instant “good funds” a reality on mobile and other forms of self service.
While we all know that Mobile Deposit Capture is a red hot topic in banking today, we also know that this underbanked consumer is not going to adopt the service if they have to wait on their funds even a few days. On their smartphone, this consumer expects the same immediate and often non-recourse availability of funds that they would receive in person at a check cashing location.
Utilizing Chexar’s one-of-a-kind risk management solutions integrated with your Mobile Deposit Capture solution, your customers can use a smartphone app to snap a picture of ANY CHECK from the comfort of their home, car, office, or jobsite and choose the option for “instant cash availability”. Once approved by Chexar’s risk management engine, an API with your card processor makes funds available immediately on your customer’s card. Finally, on settlement day, Chexar transfers the funds to your card issuer and any returned items are absorbed and collected by Chexar according to the terms of our guarantee agreement. The option is also available for a non-guaranteed version of the program for those check cashers who want to take their own risk and have Chexar process the risk management solution.
Contact Tracy Jackson at tracy@chexar.com for more information and to secure your place in our implementation pipeline and don’t miss this industry transformation.
