ELECTRONIC
BANKING SYSTEMS
EFT ACH PROCESSING
ELECTRONIC
CHECK REPRESENTMENT
THE
BEST WAY TO COLLECT YOUR PAPER NSF CHECKS !!
Electronic
Check Representment 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
the FACE amount and the FEE amount can be collected.
The ACH is the electronic banking network
through which all electronic funds transfers are made in the U.S. Over
95% of the nation's banks belong to the ACH - including the Federal
Reserve.
HERE
IS HOW IT WORKS
-
We provide
the Checkrep Software Manager for your Windows 95 PC
-
You enter
check data into the software by keystroke, check reader, or import from
a comma delimited file.
-
Once a
batch is assembled in the software you push a button to transmit to the
EFT NETWORK, INC. for processing.
-
The EFT
NETWORK receives the data and in turn transmits the files in NACHA format
to the ACH.
-
After
5 business days all collected funds are transferred into your account.
-
At the
same time as the collected funds are transferred a results file is transmitted
into your software.
-
The results
file gives you item by item information - what was paid and what was not
paid and the exact reason for nonpayment
-
The results
can be stored, viewed, printed or uploaded to your mainframe.
BENEFITS
OF ELECTRONIC CHECK REPRESENTMENT
-
Cost Effective
-
Efficient
-
Expedient
- You recover NSF funds in 5 business days versus 10 or more for conventional
paper check representment
-
Electronic
Checks take precedence over paper checks ate the bank
-
Easy to
target "Smart Dates" for representment
-
Representment
recovery rate of 40% to 80% and higher
-
Never
a bank fee to the agency.
ELIGIBLE
ITEM REQUIREMENTS
-
A check
dated 180 days or less from the date of transmission
-
A check
in amount of less than $2500.
-
A check
that has not already been transmitted twice.
-
A check
that indicates it was returned "NSF".
Contact EBS
For More Information:
CALL @ 732
888-3898
FAX
@ 732 888-9084
EMAIL:
EBS
SALES