Checks continue to be a significant form of payment for consumers.
Use of paper checks for personal use and business payments has grown steadily for more than 125 years and research suggests that it will continue to grow for at least another 20 years. Fradulent checks and checks returned for NSF represent a major expense to both banks and merchants. Industry statistics show 11.3 Billion retail checks are written annually with 110 million NSF and non-local checks combined, the average check took 5.5 calender days to make the round trip from the depository bank ,to the paying bank, and back to the depository bank. Lower costs also makes the collection of small value checks more cost effective. The new re-presented check entry transaction was created in response to the needs of businesses that need faster and more successful collection of returned checks.