Copyright © 2005 EFT Network, Inc. All Rights Reserved.
Centralized Returns
Significantly Reduce or even Eliminate Returned Check Fees
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Returned Checks Fees Increasing bank service fees for NSF checks NSF fees are rising steadily at 4.5%, costing on average
between $21.00 - $24.75 per check
Delayed NSF Check Notification Average time is 7-10 business days before you know that
the check bounced. Versus 3-5 business days with EFT
Business Challenges
Benefits guarantee companies, checks returned faster As a sales tool for reselling As part of a front-end RCK System for potential clients Eliminates low dollar clearing
Business Opportunities
Source: Bankrate Monitor Sept. 28, 2001
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Centralized Returns
Centralized Returns enables companies with multiple bankingrelationships to easily consolidate unpaid and returned checks at a singlebank. Our Centralized Return System channels returned checks into aseamless process which can significantly reduce or even eliminatereturned check fees.
Centralizes returned checks with a customized endorsement stamp
Customized verbiage for the endorsement stamp, or by working with a merchant’s data processing department or software vendor to help create the proper endorsement via their point-of-sale equipment
Full data capturing, customized reporting, next day online reporting of returned data, and check images that can reduce the risk of your business to accept returned checks
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Special Endorsement Stamp Instructs check writers and/or merchants bank to return all dishonored checks to a third bank
Our bank will provide check imaging and a MICR file the same day checks are received
EFT Network Advantage
The merchant’s bank does not charge NSF Fees to the merchant for the bounced checks
Merchants can have access to check images and return reports on-line
Streamline Process
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Key Features
Develop immediate savings and reductions in NSF bank fees/charges
Improve your overall collections and payment efficiency
Customized endorsement stamp, containing verbiage necessary to re-direct NSF checks to EFT Network
Built-in ability to electronically re-presentment NSF checks
Applicable to any type of deposited check
Actual NSF checks can be returned via US Mail or overnight courier
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Technology Behind Centralized Returns
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Step-by-Step
The Consumer presents a completed checkto the Merchant, who stamps the CentralizedReturn stamp on the back of the checkauthorizing the ACH transaction.
1.1.
Merchants Bank
Merchant deposits check into his bankaccount.
2.2.
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NSF
Step-by-Step
Consumers BankMerchants Bank
Merchant bank sends the check to thecheck writer’s bank for payment. Checkis dishonored at the check writer’sbank. Check writers bank redirectchecks to Centralized Returns Bank.
3.3.
Centralized
Returns Bank
Return check items are imaged andposted on our web. Paper checks arethen sent to you a few days later.
4.4.
NSF
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EFT Software
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Go to your browser and access the web-site
Log onto www.redeposit.com
Select Customer Login on the left navigation
Web Browser
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Customer Login
Enter your customer information all
in uppercase letters.- File Code- User Name- Password
Select OK
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Welcome Page
Here you can access:
- Transaction cut-off times- Notification of results status- Customer Survey & Daily
Messages
Select Centralized Returns on the left hand screen to get started
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Main Menu
Company Name and Number of Items Returned – Total number of returns
Daily Returns (Combined) – summary of daily returns within a given date
Search Centralized Returns – look-up for centralized return by account number and routing number
View Images – check image feature for all returns
Reports Detail Reports Summary Report Mismatch Moves Report
Main Menu – return to the system main menu
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View front and back of check image
Verify check number
Confirm check amount and date
View Images Online
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Routing Number Account Number Check Number Sequence Number Stamp Number Location Number Start Date End Date
Search Centralized Returns
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Complimentary use of our software without the need to purchase additional equipment
24/7 access to images of NSF checks available via our secure website
Maintain your existing banking relationship
User-friendly interface, requiring only internet access
Clear returned checks faster
Save on NSF banking fees or re-depositing costs
Transactions easily re-submitted for payment
Seamlessly upload detailed paid data file to your Accounts Receivable program
Benefits for, You
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Centralized Returns provides:
Improve your overall collections and payment efficiency
Customized endorsement stamp, containing verbiage necessary to re-direct NSF checks to EFT Network
Built-in ability to electronically re-presentment NSF checks
24/7 access to images of NSF checks available via our secure website
User-friendly interface, requiring only internet access
Seamlessly upload detailed paid data file to your Accounts Receivable program
Conclusion
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EFT Network, Inc. is Committed to Providing
Superior, Affordable, ACH and Check Processing
Solutions
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EFT Network, Inc.245 Saw Mill River Road
Hawthorn, NY 10532Tel: 914.747.3222Fax 914.747.7218
www.redeposit.com
Contact:Alex Bacon, Vice President of Sales & Marketing
E-mail: [email protected]
Getting Started