FEDChex Recovery remains a recognized leader in providing Depository, Treasury, Risk Management and Collection solutions for businesses and financial institutions. We maintain our commitment of supporting our client’s requirements by delivering cost effective, ethical, reliable, and high quality solutions of strategic value. We pride ourselves on sustaining a challenging and rewarding work environment for our greatest asset, our employees.
FEDChex Recovery is committed to offer a technology-rich product suite. Our suite is customized to accommodate our clients’ specific needs, allowing them to have the most control and visibility over the entire payment process, and provide the most accurate and timely reporting utilizing innovative program management tools.
Founded in 2001, FEDChex, is a closely held private corporation servicing companies nationwide. An innovator in the payment industry, our suite of solutions operates with cutting-edge technology to expedite and ensure efficiency throughout the entire payment lifecycle.
Our products encompass Treasury Management, Risk Mitigation, and Depository Services that are designed to dramatically reduce costs. At FEDChex, we offer a wide range of payment solutions that dramatically reduce overall payment expenses and streamline the payment process for both you and your customers. With FEDChex’s specialized services, we can guarantee you secure and predictable payment processing while minimizing costs. Our solutions—including ACH services, customer debit payments, payment verification, and more—allow us to effectively service our clients nationwide, from Fortune 500 companies to much smaller organizations. Each of our services integrates with our customized product suite to give you maximum flexibility in setting up and maintaining your payment systems.
Our company has utilized FedChex recovery services for several years. Whenever we require assistance, we receive prompt replies – whether it be by phone or email. We are very pleased with the customer service we receive from FedChex. The website we utilize is user friendly.
I’ve been a victim to a lot of vendor promises. In all my years in the industry, I’ve never until now encountered a company that has delivered everything (and more) that was promised prior to receiving any portion of our business.
As you know, our primary goal is to always provide the best possible service to our customers. FEDChex’s approach to payment processing and customer service fully supports that goal. We are particularly pleased with your solutions for check authorization, electronica recovery and collections.
We applaud FEDChex for all their efforts in accommodating our very specific yet ever changing needs.
Prior to utilizing FEDChex’s service, we employed costly and time consuming procedures related to payments from our clients. Since our relationship began in 2005, we have realized a substantial reduction in costs related to labor, out-dated equipment and processing procedures. Thus, I an extremely pleased to share our satisfaction and appreciation with FEDChex in regards to the courteous and immediate attention that we receive from your staff.
FEDChex has clearly demonstrated the ability to customize their services to meet our needs and expedite the implementation of those services. Your innovation and commitment to both our company and our customers has proven to be a successful relationship.
In today’s fast-paced world, our members don’t have time to be chasing after funds they’ve already earned. We examined carefully all the products and systems out there to recover check funds for our members and selected FEDChex as the best of breed in the market. FEDChex provides customer service not only to our members but our member’s check-writers as well and has the ability to track each customer service call. This allows our members to be aware of check-writer feedback and help our members retain their customers, yet fully recover the funds they are owed.
I checked with our Social Media director and since we have been working with FedChex, and implemented a collections process we have not seen any comments, posts, etc (good or bad) about FEDChex or our collections process in general on any of our Social Media outlets, so we have been very happy with that.
Unfortunately we do not track any specific customer impact or satisfaction scores, so I won’t be able to give any solid data about any impact FEDChex has had there, but I did bounce that questions off of several people in the company who would know better than me, (PR, Product manager, etc.) and we have not noticed any real change in customer satisfaction since we began sending accounts to FEDChex. The answer to any change in customer retention is similar to that of customer impact scores. We don’t have any particular data to back it up, but there has not been any noticeable impact since we have been working with FEDChex. We believe one of the big reasons that we have not seen any change in those areas is because once a customer fails to return a book we no longer allow them to rent from us (at least until the account is cleared). By the time any account is sent to FEDChex we have given the customers many chances and reminders to return the rentals and clear up the account. Those customers who do get sent to collections and are contacted by FEDChex tend to be the worst of the worst as far as customers go, and usually have no desire to continue business with us, so we have seen very little impact to customer satisfaction and retention.
Our bottom line has definitely been the one thing that has been changed most noticeably since we began working with FEDChex. Prior to working with FEDChex our efforts to collect on, or get any books returned after the due date were all done in house and were largely unsuccessful. We had over a million dollars in delinquent accounts going back several years, and our efforts were both time consuming and doing little to get any of those accounts cleared up. We have been working with FEDChex for a little over a year now and the number of accounts that have been cleared has surpassed the exceptions we had at the time. In the past year we have been able to clear over 1,000 accounts adding up to a little over $100,000 in books returned or paid for. Between the time we save in not trying to clear extremely old accounts and the $100,000+ in accounts cleared in the last year our bottom line has been significantly impacted by FEDCHex. For obvious reasons we are very happy with this impact on our bottom line.
Recovery Percentage: 35%
Industry: Education (book rentals)
Length of relationship: 2 years
Age:
60 days +
90 days +
120 days +
150 days +
180 days+
270 days+
300 days +
1 year +
2 years +
Since utilizing FEDChex Recovery for our collection firm, we have not received any feedback on our social media sites regarding your collection efforts. We actually consider this an extremely good thing because previous to partnering with Fedchex Recovery we would get a lot of negative feedback about our collection efforts.
We do not keep customer impact scores but I can say that customers have not had anything negative to say about your efforts. Our bottom line has been impacted positively as we are seeing a 10% higher collection rate than previous terms.
Recovery Percentage: 37%
Length of relationship: 1 year
Age:
60 days +
1 year +