Consolidated
Returns
Consolidated
Returns re-routes return items, NSF and otherwise, to a Check
Assist processing center, rather than back to the bank of first
deposit. But why would you want to do this? First
and foremost, it saves most companies money on the returned item
fees that their bank charges them when a check is returned.
The
process is easy to implement and has many benefits:
-
Reduced
Bank Fees. You will save 50% - 60% on return-item fees.
-
As
the process is electronic in nature, it is not uncommon to
save between three to seven days of check processing time.
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Same-day
email reporting.
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Reduced
Fraud Loss. Get faster access to return information, which
helps prevent you from accepting more bad checks from the
same checkwriter.
-
Greater
Efficiency. Enhance your productivity by having to reconcile
only one account.
-
Anytime
Access. View return-item images, front and back, using
Check Assist's online management tools. Item images are
available in real time and remain online for 90 days.
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Data
Capture. Check Assist also offers extensive data
capture capabilities. We can capture whatever data our
clients need and transmit it to them on a daily basis.
-
Update
your Accounts Receivable. Our web reporting
supports several formats that you can use to update your
accounts receivable or check collection package
automatically. (Users of our Check Chase collection
products can import returns and start recovery process
immediately.)
What
sets the Check Assist Consolidated Returns program apart from
the others?
-
It
is not necessary for you to open another account
-
For
qualified companies, there is no upfront deposit required
-
Superior
on-line reporting
What's
Next?
Check
Chase On-Line
Now
that you have saved money on the returned item fee, what's next?
Using our Check Assist on-line RCK module, you can now have
these NSF items electronically re-presented.
Check
Assist offers its clients the ability to electronically resubmit
returned items through the ACH network. Check Assist's
clients can schedule electronic re-presentment in a variety of
different ways:
Having
the ability to specify when a return item will be re-presented
is a powerful collection tool. For example, since many
people are paid on specific dates, such as the 1st or 15th of
the month, scheduling return items to be electronically
re-presented on these dates significantly increases the chances
that the check-writer's account will have sufficient funds.
Typically,
Electronic Check Recovery (RCK) will recover 65% - 75% of your
NSF items and do it far more quickly than traditional methods.
Then, any uncollected checks can be down loaded from the Check Chase
On-Line site and worked by your collection
department or outside collection agency. (Check Assist
also offers check
recovery software for those companies wishing to do their
own check recovery in-house.)
What
sets the Check Assist RCK program apart from the others?
-
The
RCK process can be configured to run automatically,
triggered by new returns hitting the system, or it can be
configured to notify you that new returns have been received
so that you can conduct the process manually.
-
Administrative
returns can be cleared online.
-
Flag
accounts prior to the return being received. This
allows you to accommodate those "special"
customers that may call you in advance and ask that you
exclude them from the re-presentment as it will cause
serious account balance problems. An email report
notifies you when the check arrives.
-
Set
minimum and maximum amount limits to be automatically
re-presented. This allows you to configure the system
to automatically re-present checks that are greater than
$5.00 but less than $500.00, or something similar.
Checks that fall on either side of these limits will be
scheduled manually.
-
The
Check
Assist startup
kit provides everything you need to get started.
While
both of these solutions complement each other, using one is not
dependent upon using the other. Combining our
Consolidation and RCK on-line services will give your company a
plug-N-play solution to high returned fees and outdated
collection methods. If you are interested in learning more
about Consolidated Returns or our on-line RCK recovery services,
call us at 1-888-436-5101 or send us an e-mail.
Banks
interested in an immediate, cost effective RCK solution to offer
their depositors can call 1-888-436-5101 Ext 12 and request a
demonstration.
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