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Batch
RCK
ACH Processing For Your RCK Services
Does your agency offer Electronic Check Representment (RCK) services to your merchants?
ECHO’s automated clearing house (ACH) processing engine is ideally suited to process these transactions for you, taking the burden of settling both the check principal and the appropriate collection fees for you.
RCK gives both your agency and your merchants the most efficient method available to collect returned checks. With
ECHO behind you to process your collection items through the ACH, your agency will realize greater collection success and significantly lower overhead costs.
State-of-the-Art ACH Processing
ECHO’s ACH processing for Batch RCK gives you the most effective engine on the market today. Here’s why:
- Volume and consistency. ECHO currently processes more than $3 billion annually for demanding clients like banks, top tier merchants and agencies like yours.
- Minimal administrative returns. ECHO’s administrative return system reduces these annoying returns using the industry leading Thomson Bank database plus advanced, proprietary logic and algorithms that further reduce the incidence of returns.
- Control. On-line visibility and machine-readable (downloadable) reporting of your Batch RCK initiations allow you to track your activity, void or hold specific transactions and initiate collection fees. Principal and fees can be processed at the same time or separately.
- Same day processing. Transactions processed before 7 p.m. are processed the same day. Funds are settled on the third business day after processing.
Reporting Success to Your Agency
ECHO provides downloadable and on-line reporting, enabling your office to track RCK activity online or in regular daily reports. The reports provided with the service include:
- Settle Day Report – Each batch of transactions will be reported in the Settle Day Report. It identifies transactions submitted in the batch and the status of each transaction.
- Late Return Report – This report identifies RCK items that are returned after the original items have already settled. (Not batch-specific.)
The above reports can be received via PGP secure e-mail, or downloaded from our Secure FTP site.
Not Using RCK? Here’s Why You Should
Electronic collection of returned checks via the ACH has been practiced by collection agencies and merchant processors since the 1990s. Why? RCK boosts check collection rates by as much as 60% - all with much less effort by your staff.
These significant improvements are the result of four factors:
· Before wasting your agency’s staff time on making phone calls, sending letters or creating paper drafts, RCK can collect funds for you virtually labor free.
· Most financial institutions post ACH entries before check transactions, giving you increased probability of collecting the item.
· The cost of creating an ACH debit is much lower than the cost of re-depositing the paper check - allowing small-value checks to be collected more cost effectively.
· You can target the exact date for the ACH debit to be charged to an account, thereby allowing for more precise timing and greater collection success.
There are some limitations to RCK that you should know about:
- Maximum RCK amount is $2,500
- The original check must be retained 90 days from the settlement date of the check, and a copy must be retained seven years from the settlement date.
- Collection fee authorization must be obtained, usually via the consumer signing a receipt printed at the point of sale which is then retained by the merchant.
Call us for more information:
(800) 280-7677
ECHO
730 Paseo Camarillo
Camarillo, CA 91301
NCN is a subsidiary of Electronic Clearing House, Inc. |
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