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Check Re-Presentment - continued |
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WHAT ARE THE BENEFITS OF
ELECTRONIC CHECK RE-PRESENTMENT FOR MY BUSINESS?
(RCK From the Merchant's Perspective)
Lower collection costs.
Most banks charge $2-$4 to redeposit a NSF check, whereas, with Electronic Check
Re-presentment, there is no charge for representing the item. Most banks charge $5 -
$10 for each re-deposited check that returns a second time, whereas, with RCK there is no
charge NSF checks that return a second time.
Dramatic improvement in collection
rates. The National Automated Clearing House Association (NACHA) reports increases in
by 50% - 52% as compared to traditional collection methods. The faster the NSF check is
represented, the higher the recovery rate.
Faster deposit to your bank account.
As an industry standard for RCK, it takes approximately 7 days from the time the
file is received by the Automated Clearing House (ACH) to procure payment. This
period allows time for the check to be completely processed and payment information
received. Checks that are recovered are deposited directly into the merchant's
account for reconciliation. Traditional collection methods take 30-60 days to recover your
NSF items compared to 7 days with RCK.
Timing the NSF check re-presentment.
RCK can time the re-presentment to hit the check writer's bank account on payday;
this provides a much greater chance of collection. Traditional methods do not provide the
ability to time the collection.
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