Transcript RCK - Eft Network

Electronic Check Re-Presentment (RCK)
Simplifies and Improves your Collection Process
Copyright © 2005 EFT Network, Inc. All Rights Reserved.
Improve Collection Process
Retail Owners, and Collection Agencies can simplify and improve their collection process
by replacing traditional method of collecting returned Non-Sufficient Fund (NSF) checks
with EFT Network’s Electronic Check Re-Presentment (RCK).
RCK is the conversion of a paper check returned and marked NSF (or uncollected funds)
from a bank into an electronic check for presentment through the Automated Clearing
House (ACH)

Yields a 25-35% higher rate of recovery than paper checks

Save time and money in the costly collection process, as well as bank redepoist
transaction fees

Virtually eliminate the expense of lost revenue due to NSF checks

Unlike a paper check, you don’t have to wait weeks to find out if a check has been paid
or returned, you will know in days

Electronically re-presentments to coincide with likely consumer deposits, such as
paydays

A combination of strategic timing and faster processing, you will experience an
increase in recovery rates
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RCK Guidelines
 Consumer checks only, NO commercial checks
 Limited face value; Checks less than or equal to $2,500
 Maturity; 180 days from date written on the check
 For NSF / uncollected balances only
 Re-presentment: Three tries to collect your funds
-
Any combination; electronic or standard 2 to 1 or vise versa
 Customer Information: Visible customer notification to inform check
writers (Signage posted at the point of sale)
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Key Features
 Electronic NSF checks can be re-presented 2 additional times, as
opposed to only 1 time in paper form
 Higher recovery rate. Improve your overall collections and payment
efficiency
 Electronic items can be strategically timed to coincide with traditional
‘pay-days’, ie. Fridays, or the 15th or 1st, thus increasing likelihood of
successful collection
 Customers returned to paid status sooner
 NSF checks can be collected without verbal communications
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Technology Behind RCK
Step-by-Step
1.
The Consumer presents a completed check
to the Merchant, who stamps the RCK
endorsement stamp on the back of the check
authorizing the ACH transaction.
2.
Merchant deposits check into his bank
account.
Merchants Bank
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Step-by-Step
Consumers Bank
3.
Consumer’s bank pays the Merchant’s
bank.
4.
The Check is returned NSF from the
consumer’s bank. The Merchant is
charged a NSF fee by the bank.
5.
NSF Checks are sent to the Collection
Agency.
Merchants Bank
$
NSF Checks
Collection Agency
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Step-by-Step
6.
Collection Agency sends the checks to
EFT Network for ACH processing.
NSF Checks
ACH
Network
7.
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Upload files into your in house accounts
receivable system.
EFT Software
Web Browser

Go to your browser and access the
web-site

Log onto www.redeposit.com

Select Customer Login on the left
navigation
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Customer Login

Enter your customer information all
in uppercase letters.
- File Code
- User Name
- Password

Select OK
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Welcome Page

Here you can access:
-
Transaction cut-off times
Notification of results status
Customer Survey & Daily
Messages
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Main Menu
Enter Checks into RCK Product
Send Items to EFT for Processing
View Settled Files
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Enter Checks
Unbatched
Transactions
List
Enter Check
Data
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Batch Out
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View Results Files
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Benefits for, YOU
 Complimentary use of our software without the need to purchase
additional equipment
 24/7 access to images of NSF checks available via our secure website
 Seamlessly upload detailed paid data file to your accounts receivable
system
 User-friendly interface requiring only internet access
 Recover your returned items as quickly and cost-effectively as possible
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Conclusion
Electronic Check Re-Presentment simplifies and improves your collection process
by replacing the traditional method of collecting returned Non-Sufficient Fund
checks.

Electronically represent NSF checks 2 additional times, as opposed to 1 time

Save time and money in costly collection process, as well as bank redeposit
transaction fees

Virtually eliminate the expense of lost revenue due to NSF checks

Real-time verification database reduces risk of accepting bad checks and collection
costs

NSF checks can be collected without verbal communications

Electronic items can be strategically timed to coincide with traditional ‘paydays’
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EFT Network, Inc.
is Committed to Providing
Superior, Affordable,
ACH and Check Processing Solutions
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Getting Started
EFT Network, Inc.
245 Saw Mill River Road
Hawthorn, NY 10532
Tel: 914.747.3222
Fax 914.747.7218
www.redeposit.com
Contact:
Alex Bacon, Vice President of Sales & Marketing
E-mail: [email protected]
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