eRecovery
Process
The
consumers original transaction is returned after
the first presentment of either an electronic CHEQ
transaction such as an online CHEQ,
PhoneCHEQ
or a paper CHEQ
transaction. The returned transaction is then put into the
eRecovery
system.
Paper checks are imaged front and back and converted to
electronic transactions for processing. Electronic transactions
are prepared for re-submittal at the appropriate time.
CHEQ
writers are informed that their CHEQ
will be converted to an electronic transaction in the event
the check is returned and the return may be recovered elctronically
as well.
eRecovery
Facts
Paper
checks may be presented a total of two times (the initial
deposit and one re-presentment).The eRecovery
electronic
process of phased representment and verification allows
for three presentments. The third time can be a charm!
Eliminate NSF Return Fees Banks
charge businesses NSF return fees of $5 to $20 per returned
paper check and returned electronic transaction items.
With
eRecovery
there are no returned item fees for ACH electronic CHEQ
transactions on NSF returns.
eRecovery
Solution
eRecovery
electronically submitted transactions usually get first
claim to any cash in an account since Banks routinely post
electronic items to consumer's accounts before paper checks
are posted.
Our proprietary process of NSF recovery, eRecovery
works consistently with all of CSIs CHEQ
payment processes as well as paper CHEQ
processing.
eRecovery
will reduce your transactions initial cost and increase
collection efficiencies in a tremendous way. It is this
process which makes our payment processing services so unique.