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Introduction to XPRESSCHEX, INC.
About
XPRESSCHEX,
INC.
Beneath the popular myths about a
cashless society, checks remain the dominant means of non-cash
payment. Over 69 billion checks were written in the United States in
1999, and the numbers continue to grow by 1.5 billion per year.
According to the Federal Reserve, it costs $3.50 to deposit one check
when the handling costs of the merchant and the bank are totaled. Check
deposit preparation, transportation, clearing, return item handling and
collection are a constant burden to retailers.
In addition to the costs of handling good checks, check fraud in 1996
resulted in over $12 billion in losses. Supermarkets alone lost more
than $111 million to bad checks in 1996. In the two years before, 54% of retailers reported an increase in
returned checks and 46% say they had an increase in bad check
write-offs.
The
XPRESSCHEX
Solution
Since 1991,
XPRESSCHEX,
(formerly known as Magic Software Development, Inc.) has provided
merchants with check services that maximize the cash flow of check
acceptance while minimizing the risks associated with accepting checks.
The company’s goals have always been to engineer and market the
most flexible, innovative, and usable transaction processing software
for point-of-sale financial transactions and related products. Electronic
Clearing House, Inc. (ECHO)
(www.echo-inc.com) recognized the value
of these services to the merchant marketplace and, in April 1999,
acquired Magic. Soon
thereafter, the company was renamed
XPRESSCHEX, INC., to help merchants recognize the value of rapid
processing of checking account-related transactions.
Then, in January 2000, ECHO
acquired Rocky Mountain Retail Systems,
Inc., giving check verification clients access to the National
Check Information ServiceSM
(NCIS), one of the largest check databases in the country.
Let
XPRESSCHEX
Improve the Bottom Line
XPRESSCHEX
offers the combination of experience and technology merchants can rely
on to accept checks with confidence. Whether it’s check collection,
check verification or our other services, ECHO,
XPRESSCHEX
and its sister company, Rocky Mountain Retail Systems will help
retailers accept checks from their customers with confidence.
XPRESSCHEX, INC.
215 Central NW, Third Floor
Albuquerque, NM 87102-3363
Phone: 1-800-291-3242 or (505) 243-1199
E-Mail: sales@echo-inc.com