THE EFT NETWORK, INC. ANNOUNCES ANOTHER GREAT SERVICE FOR THE COLLECTION AGENCIES - CONSOLIDATED RETURNS

Consolidated Returns (also called Centralized Returns) routes ALL of a merchant's returned check items (checks being returned as NSF,  non-collectible, closed account, or otherwise) to our consolidated returns bank.  Our bank turns the return items into a scanned viewable check and a data file that will be made available to you on our secure server.   Your merchant’s bank is cut out of the picture and therefore does not charge a return fee to your merchant – big savings for all your merchants! The EFT Network will electronically debit the merchant for the amount of the returned check to make the banking system whole. You can retrieve the data file of the returned items on our website and represent the items on the website or through your software upload.

ADVANTAGES OF CONSOLIDATED RETURNS:

1. You will receive your returns in 3-4 days – much faster than waiting for them to go back to your merchant’s bank which usually takes 7-14 days.
2. Agencies and/or Merchants will not be charged an NSF fee from their bank for the returned item.
3. Check verification systems can be updated much faster.
4. You can immediately electronically represent (RCK) the item online at our secure website or you can download a data file to import into our software to represent the items.
5. You can download a zip file of the check images to save per NACHA requirements.
6. No expensive imaging equipment to buy to convert paper checks to an image.
   

DOWNLOAD A POWER POINT PRESENTATION 
ON CENTRALIZED RETURNS AND RCK

 HOW DOES IT WORK?: 

1. Agencies/Merchants apply to be in the program.
2. The agency/merchant opens a deposit account at our central return bank.
3. The account is used to fund the returned item amounts that come back through the central return bank. 
4. Once in the program they stamp each check that is being deposited with the centralized returns routing stamp.
5. Each return item is returned by the Federal Reserve to the central return bank.
6. The return bank images each check and creates a data file of the check.
7. EFT Network receives the data files and the check image file and does the following:
1. Posts them to our secure website and make them accessible to the agency.
2. Transfer the return amount from the merchant’s deposit account at the central return bank to the return bank – this makes the banking system whole for the deposit of the check made to the merchant’s operating bank account.
3. We  then electronically debit the merchant’s operating bank account for\ the amount of the NSF check to bring the deposit account back to full funding.
8. The agency/merchant can go onto the web and process the items via electronic check representment right on the web.
9. The agency/merchant can download the data file and create the representment item in the EFT Network Checkrep software for upload to our processing center.
10. The agency/merchant can download the image file of the checks and save in their system.
11. Once items are uploaded to the EFT Network they are processed as RCK items are normally processed.

             VIEW THE DEMO SCREENS 

Click on the link above to see the actual screens used in the centralized returns and online RCK process.