EFTx’s SERVICES HELP COLLECTION AGENCIES MANAGE, SUPPORT & SPEED THE PROCESSING of FUNDS TO YOU & YOUR CUSTOMERS

 We can help you reduce your operational costs, increase collection efficiency and secure your customer’s cash flow with our complete line of Check 21 and payment processing solutions.

 

WE OFFER: ·        ARC Check 21 Solutions ·        Telephone Checks ·        Automatic Recurring Payments ·        Internet Checks ·        Electronic Check Re-Presentment ·        Consolidated Returns

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PRODUCTS AND SERVICES

EFTx’s ARC / CHECK 21 SOLUTION allows you to process and deposit ANY type of paper check received via the mail… consumer checks, business checks, bank drafts and money orders can all be processed from a single system. A single operator with basic system knowledge can process, image, archive, add, deposit and update your in house system on several thousand checks in just a few hours . 

TELEPHONE CHECKS allow you to electronically debit a consumer’s bank account for a one time payment over the phone.  There is no need to print, process and deposit paper drafts.  

AUTOMATIC RECURRING PAYMENTS give your agents the ability to establish flexible payment options to pay a debt. You can utilize regularly scheduled recurring payments from a debtor’s bank account. The system offers you a great degree of flexibility.  Enter the information once… and the system runs by itself…. You just set it… and forget it.  

INTERNET CHECKS enable a consumer with the ability to initiate payments via your website.  

ELECTRONIC CHECK RE-PRESENTMENT will automatically re-present any consumer check that is returned to you as Non-Sufficient Funds (NSF) In addition to reducing bank redeposit charges this allows you save a huge amount of time and money in the costly collection process. We will assist in increasing collection efficiency since consumer checks can automatically be represented up to 2 additional times (for a total of 3) electronically at no extra cost.  

CONSOLIDATED RETURNS gives your agency the opportunity to develop significant savings in time and expense giving you the ability to immediately start working on return items.

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ADDITIONAL INFORMATION

ARC / CHECK 21 ACCOUNTS RECEIVABLE CONVERSION

FOR PAPER CHECKS MAILED IN

EFTx provides a variety of ACH Processing Services and Programs. Here is an overview of our Check 21 Direct check processing & deposit program.  

This program enables an agency with the ability to electronically convert and deposit all types of paper checks. The program utilizes a check deposit terminal to image the check, and to scan/capture the encoded Bank Routing, Account and Check Number MICR data. It automatically reads and recognizes the CAR (written courtesy dollar amount) matches it to the LAR (legal written dollar amount) and populates the appropriate fields. Using EFTX’s WEB based system this information is used to create an electronic deposit slip, to which the appropriate payment data is entered. This data is then transmitted to our Network for processing either as NACHA ‘ARC’ items or Check 21 Image Replacement Documents (IRD’s). The program intelligently and automatically discriminates between the various types of checks routing them through the appropriate bank clearing channel. Funds are electronically debited from the debtor’s checking account and credited to your account.  

The benefits that are developed in utilizing this program include:

•         Reduces processing/handling time necessary to prepare checks for deposit.

•         Reduces banking fees and related deposit processing costs.

•         Deposited funds made available to your bank account in 24-48 hours.

•         Deposits checks to your bank without actually leaving your office.

•         Eliminates trips to the bank to deposit paper checks, no more courier charges.

•         Checks received through any remote or branch office location can be deposited into one banking institution/account, simplifying bank reconciliation processes.

•         Accepts all forms of checks, i.e. consumer, business, money orders, etc. through a single point of entry.

•         Receive faster advice of NSF returns in 3-5 days, instead of 7-10-14 days as in paper processing.

•         Banks clear electronic items before paper items, thus using the EFTx system will greatly increase the likelihood of successful collection.

•         24/7 Monitoring of your account via our secure website.

•         Ability to re-present returned consumer NSF items 2 additional times electronically, as opposed to only 1 more time in paper form ( at no additional cost ).

•         Ability to upload a ‘paid data’ file to your Remittance Processing or Accounts Receivable software programs.

•         The program is intuitively easy to use, requiring only a check imager & internet access.

•         The program is fully compliant with recently enacted “Check 21” federal banking laws.

AUTOMATED RECURRING PAYMENT PROGRAM

EFTx provides a variety of ACH Processing Services and Programs. Here is an overview of its Automated Recurring Payment Program.

This program enables the Agency the ability to establish an automated recurring payments program that permits a customer to pay a debt, utilizing regularly scheduled recurring payments which are debited from their checking or savings account. The program requires that the debtor complete a ‘Debit Authorization Form’ which is used to outline the terms of the recurring payment program to include the amount they wish to pay in recurring payments; the total amount owed (if applicable), the frequency of when their account is to be debited; etc. Using EFTx’s WEB based system this information is used to create the customer’s specific recurring payment program. Thereafter, this data is transmitted to our Network for processing through the ACH, with funds electronically debited from the debtor’s checking or savings account on the dates specified and credited to Agencies (or appropriate) account.

The benefits that are developed in utilizing this program include:

·               Initiate immediate collected revenue flow without cumbersome collections efforts.

·               Simplify recurring payments for your debtors – its convenient & customer friendly.

·               Improves overall collections and payment efficiency.

·               Reduces your collections costs by allowing you to schedule on-going recurring payments

·               Deposited funds made available to your bank account in 24-48 hours.

·               Reduces banking and related deposit processing costs.

·               Receive faster advice of NSF returns.

·               Banks clear electronic items before paper items, thus using the EFTx system will greatly increase likelihood of successful collection.

·               24/7 Monitoring of your account via our secure website.

·               Ability to re-present returned NSF items 2 additional times electronically, as opposed to only 1 more time in paper form.

·               Ability to upload a ‘paid data’ file to your Remittance Processing or Account Receivable software management program.

·               The program is intuitively easy and fast to use, requiring only internet access.

·               The program is fully compliant with recently enacted “Check 21” federal banking laws.

This program requires nothing more than to be signed up with us and an internet connection. There is no hardware to purchase.

Program costs are transaction based, you pay for what you use:

·               Cost for Each Check transmitted, and each NSF Return item received = varies based on volume.

·               Never a charge for the use of our software.

·               A one time sign-up fee and recurring monthly account service charge applies.

Commonly referred to as Check 21, the actual name of the legislation is, “Check Clearing for the 21^st Century Act.”  It was passed by Congress in 2003 and became effective on October 28, 2004.  

It came as a result of 9-11 when flights were grounded.  Since checks couldn’t be returned to the originating bank to be cleared, the Federal Reserve had to float approximately $47 Billion instead of its typical level of a few hundred million dollars per day. Check 21 targeted banks, and created something known as a “substitute check” which is essentially an image of the check. Thus, checks could be sent digitally and need not be flown around the country. It is the biggest change in banking since magnetic ink in 1956.  

By processing digital images of the almost 14 trillion commercial checks per year, banks can significantly streamline labor-intensive operations and save costs.