NSF Electronic Check Processing – Batch RCK
Our core service offering is electronically recovering the face value of bad checks. When a check is dishonored due to insufficient funds, we can re-present the bad check after electronically verifying the funds are in the account. Unlike other services, we don’t need to rely on strategically timing the check re-presentment. Instead, our system can verify when the offending check writers account has the funds to cover the original check value.
How Electronic Check Recovery Works
The following example was inspired by an actual E-Check Collect client. A hardware store owner in the Mid-Western United States.
- Your customer purchases some residential paint for $450 by check.
- You as the merchant display at the point-of-sale a sign stating that you will collect a non-sufficient funds (NSF) check by electronic debit of the customer’s account. You can alternatively place the messaging on an invoice, website, or credit application.
- The check bounces and the customer’s check is returned to you by the bank marked NSF.
- You simply fax the bounced check you wish to collect to our merchant check recovery department.
- We then use our proprietary technology to convert the NSF check into an electronic item, which is sent through the Automated Clearing House (ACH) network and finally to the check writer’s bank.
- The check writer’s bank receives and posts the A.C.H. transaction to the bad check writer’s account.
- If the check writer has funds available in their account to cover the check, the funds in the amount of $450 will be electronically credited to your account within 6 business days after clearing the bank.
- We will also debit a service fee, allowable by state law, from the bad check writer’s account.
- If the check comes back again as Insufficient Funds (NSF), it can be represented a third time as long as the check is not stamped “Do Not Redeposit”.
- We will notify you of the check results by email AND you can also log in to your account on the web to track the process.
- You DO NOT have to contact the check writer.
- To be electronically processed, the NSF check must be less than $2500.00 and less than six months old.
- Our service is absolutely free to you because the bad check writer pays the state sanctioned service fee.
24/7 Online Access To Your Check Recovery Progress
All of our clients have access to our simple to use online reporting system. You’ll get a real time view of the status of the bad checks we’re working on recovering for you. As well, you’ll be able to monitor your payments and get information on when they will arrive electronically in your bank account. The online system is very user friendly and our support staff is there to assist you during the learning process.
Traditional Check Recovery
In conjunction with our electronic check recovery service, we also offer traditional check collection methods. This means that no matter what the circumstances are, we can pursue the check face value without the merchant/bank having to deal directly with the bad check writer.
NACHA (National Automated Clearing House Association)
The check recovery processes we use follow strict guidelines set forth by NACHA and the US Federal Reserve.