Centralized Returns
Download
Report
Transcript Centralized Returns
Centralized Returns
Significantly Reduce or even Eliminate Returned Check Fees
Copyright © 2005 EFT Network, Inc. All Rights Reserved.
Business Challenges
Returned Checks Fees
Increasing bank service fees for NSF checks
NSF fees are rising steadily at 4.5%, costing on average
between $21.00 - $24.75 per check
Delayed NSF Check Notification
Average time is 7-10 business days before you know that
the check bounced. Versus 3-5 business days with EFT
Source: Bankrate Monitor Sept. 28,
2001
Business Opportunities
Benefits guarantee companies, checks returned faster
As a sales tool for reselling
As part of a front-end RCK System for potential clients
Eliminates low dollar clearing
2
1
Centralized Returns
Centralized Returns enables companies with multiple banking
relationships to easily consolidate unpaid and returned checks at a single
bank. Our Centralized Return System channels returned checks into a
seamless process which can significantly reduce or even eliminate
returned check fees.
Centralizes returned checks with a customized endorsement stamp
Customized verbiage for the endorsement stamp, or by working with a
merchant’s data processing department or software vendor to help create the
proper endorsement via their point-of-sale equipment
Full data capturing, customized reporting, next day online reporting of returned
data, and check images that can reduce the risk of your business to accept
returned checks
3
2
Streamline Process
Special Endorsement Stamp
Instructs check writers and/or merchants bank to return all dishonored checks
to a third bank
Our bank will provide check imaging and a MICR file the same day checks are
received
EFT Network Advantage
The merchant’s bank does not charge NSF Fees to the merchant for the
bounced checks
Merchants can have access to check images and return reports on-line
4
3
Key Features
Develop immediate savings and reductions in NSF bank fees/charges
Improve your overall collections and payment efficiency
Customized endorsement stamp, containing verbiage necessary to
re-direct NSF checks to EFT Network
Built-in ability to electronically re-presentment NSF checks
Applicable to any type of deposited check
Actual NSF checks can be returned via US Mail or overnight courier
5
4
Technology Behind Centralized Returns
6
Step-by-Step
1.
The Consumer presents a completed check
to the Merchant, who stamps the Centralized
Return stamp on the back of the check
authorizing the ACH transaction.
2.
Merchant deposits check into his bank
account.
Merchants Bank
7
6
Step-by-Step
Merchants Bank
3.
Merchant bank sends the check to the
check writer’s bank for payment.
Check
is dishonored at the check writer’s
bank. Check writers bank redirect
checks to Centralized Returns Bank.
4.
Return check items are imaged and
posted on our web. Paper checks are
then sent to you a few days later.
Consumers Bank
Centralized
Returns Bank
8
7
EFT Software
9
Web Browser
Go to your browser and access the
web-site
Log onto www.redeposit.com
Select Customer Login on the left
navigation
10
9
Customer Login
Enter your customer information all
in uppercase letters.
- File Code
- User Name
- Password
Select OK
11
10
Welcome Page
Here you can access:
-
Transaction cut-off times
Notification of results status
Customer Survey & Daily
Messages
Select Centralized Returns on
the left hand screen to get
started
12
11
Main Menu
Company Name and Number of Items Returned – Total number of
returns
Daily Returns (Combined) – summary of daily returns within a given
date
Search Centralized Returns – look-up for centralized return by
account number and routing number
View Images – check image feature for all returns
Reports
Detail Reports
Summary Report
Mismatch Moves Report
Main Menu – return to the system main menu
13
12
View Images Online
View front and back of check image
Verify check number
Confirm check amount and date
14
13
Search Centralized Returns
Routing Number
Account Number
Check Number
Sequence Number
Stamp Number
Location Number
Start Date
End Date
15
14
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
Maintain your existing banking relationship
User-friendly interface, requiring only internet access
Clear returned checks faster
Save on NSF banking fees or re-depositing costs
Transactions easily re-submitted for payment
Seamlessly upload detailed paid data file to your Accounts Receivable
program
16
15
Conclusion
Centralized Returns provides:
Improve your overall collections and payment efficiency
Customized endorsement stamp, containing verbiage necessary to re-direct
NSF checks to EFT Network
Built-in ability to electronically re-presentment NSF checks
24/7 access to images of NSF checks available via our secure website
User-friendly interface, requiring only internet access
Seamlessly upload detailed paid data file to your Accounts Receivable program
17
16
EFT Network, Inc.
is Committed to Providing
Superior, Affordable,
ACH and Check Processing Solutions
18
17
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]
19
18