RCK is the changing of a paper NSF check into an
electronic check and processing it through the Automated
Clearing House (ACH) to collect on the check – both face
and fee can be collected with proper authorization. There
are many advantages to RCK including the fact that there are no bank NSF fees, collection rate of 40-50% and higher.
PC or WEB BASED SYSTEM:
Clients
use our PC or Web Based software to upload files to our processing
center. Check data is entered using a check reader or imager. Text files can also be
used to upload the check data. Once the files
are uploaded to us we process them through the ACH.
All collected and cleared funds are transferred into the
user’s account.
DETAILED
REPORTING:
Complete
and detailed reporting is provided for every file uploaded. The results detail file is
provided on the same day that the funds are transferred. Bank reconciliation is
easy with our system.CHECK
RECOVERY COMPANIES: The
largest users of our systems are check collection agencies and check
recovery companies. Check
recovery companies also use our web based check representment
application which enables them to process all checks online and provide
complete reporting to their merchants online.
In addition, we deposit the check face amount into the
merchant account and the check fee amount into the check recovery
company account.
