Consolidation & Collection

 

EFT Direct offers the most comprehensive Returned Check Consolidation (RCC) and check collection, as well as Account Billing & Collection, program of its kind in the country nationwide and to any size organization.

 

Services:

• Returned Check Consolidation (RCC)

EFT Direct’s RIC provides clients with a cost-effective and efficient method of managing the returned check process.  Our RCC service allows for the majority of your returned checks to be routed directly to a single bank account, regardless of the number of depository accounts your company may use.

By working directly with the RCC Bank to manage the returned items received, the returned items are retrieved on the day of return and are integrated into your company’s check recovery program.  As a result, more checks are cleared through our RCK program faster, and the remaining NSF items are sent immediately to our Check Collection department. 

We will tailor an RCC program that fully meets your company’s needs.

 

RCC Benefits

• Returned checks are received by the RCC Bank in a more timely manner, thus the recovery process will begin sooner.  The result is an increase in the recovery success.
• The returned item reconciliation process is greatly simplified.  If a check is debited to your company’s RCC account, it means it has been received by us. 
• EFT Direct can provide fully customized reporting, at no extra charge, to meet your company’s accounting and reconciliation needs.
• Compliance by depository banks is monitored and feedback is provided to your company via an automated Web-based transaction reporting system.  You will realize additional control over the returned item process.
• Your company will be notified more quickly of any suspicious check activity, including repeat bad check writers. Your check collection providers can update the Web reporting system, thereby providing you with up-to-the-minute status of each returned check.
• You are able to more effectively manage cash concentration directly into the recovery accounts since returned checks will not be charged or sent back to the depository banks. 
• We are able to integrate the returned item process directly into the recovery program, thus reducing your administration of multiple returned check processes.
• Returned items charges are reduced significantly.  No longer will your bank charge you an NSF fee per check.  We will, however, in the vast majority of cases, charge a lower NSF fee than your bank. 
• Web Reporting.  The most powerful and user-firendly real-time reporting on all returned checks with multiple Administrator and User ID levels. 
   

• Check Collection

This service is offered for any size organization.  EFT Direct offers traditional check collection with a "soft and sensitive approach" toward payees.  We are also willing to tailor the collection letters to the individual needs of your company.  For more information, visit Account Billing & Collection.

 

Click here for a partial list of some companies using these services.

 

EFT Direct will provide a thorough analysis and free proposal for your company.

 

Please Contact Us for a confidential consultation.