|
Cash
Flow Specialists, Inc.
Toll
Free (800) 669-2700
|
|
For companies who have significant volume of NSF checks,
they may wish to process and recover funds "in-house", via Re-Presented
Check Entry (RCK). This internal method of RCK involves machine to machine
methodology of ACH/EFT debits originating from NSF paper items. Here is
how it works.
 |
Bounced checks are returned from your bank, to you, typically after first presentment.
|
|
NSF customer and MICR information is entered/scanned via OCR, MICR reader or manually.
|
|
This information is then
transmitted or cued (you decide the time and date) for transmittal
by one of two methods:
1. We provide software that verifies transit routing numbers, encrypts
data, adjusts MICR information (eliminates return items) and allows
for powerful reporting. Scheduled transactions are sent via the
ACH network for posting.
2. Raw transaction data is transmitted to us in an acceptable format.
We then adjust MICR data, and send through the ACH network for posting.
|
|
Recovered NSF transactions
are electronically credited to the account of your choice. No DDA
or compensating balance for the vast majority of clients.
|
|
A total of two additional
re-presentment attempts may be made with RCK.
|
|
You decide if you want
to charge your customers a NSF fee that may also be electronically
captured (separate transaction debit) and credited to your bank
account.
|
It is important to discuss various
hardware and software options when processing RCK internally. Please contact
us for this information, and the various regulatory compliance issues/rules
that your company would be subject to complying with.
Advantages of Internal RCK
versus Service Bureau RCK:
|
NSF fee need not be collected from consumer.
|
|
Can be less obtrusive than RCK Service Bureau.
|
|
If no fee is collected, customer pre-authorization is not required.
|
|
Should you wish to charge a NSF fee to the consumer, you keep 100% of this fee collected.
|
Disadvantages of Internal RCK:
|
Your company is responsible for maintaining an optical image of each paper check for no less than seven years.
|
|
More vigorous audit compliance issues.
|
|
Should you choose to verify
funds availability before final presentment (as in service bureau
method), it can be labor intensive and could require bank database
subscriptions.
|
|
Must devote time, labor and space for internal RCK.
|
For information on RCK Service Bureau click here.
| Fees |
| Setup "Quote" |
$0.00 Monthly Access |
| Software (if needed) Per
"Quote" |
Transaction Costs Per
"Quote" |
| Returned
Items Per "Quote" |
No hidden fees |
[ Up ]
[ RCK Service Bureau ]
[ RCK Internal Check Collection ]
Copyright©
2001 - 2002 Cash Flow Specialists, Inc., all rights reserved.
|
