A service of EFT Network, Inc.
245 Saw Mill River Rd. Suite 105
Hawthorne, NY 10532
Phone : 800-492-2794
Fax : 914-747-7218
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Page 1 Electronic Check Representment an How the System Works
Page 2 The Representment Process
Page 3 Frequently Asked Questions

ELECTRONIC CHECK REPRESENTMENT

This is the conversion of a paper check returned and marked NSF (or uncollected funds) from a bank into an electronic check for presentment through the Automated Clearing House (ACH)

The EFT Network’s check representment program is designed to provide collection agencies and their Client customers a method by which to expedite and control the representment of checks that have been returned unpaid by the check issuers institution for Not Sufficient Funds (NSF) or Uncollected Funds.

 CheckREP SOFTWARE - THE COMPLETE NSF CHECK MANAGER SYSTEM: the special feature of the program is the CheckREP software which manages the system from beginning to end. Once check data is entered into the system it transmits the data, maintains expected payments and results data, retrieves all results files and lets you view and/or print whatever reports you require. The results files are available on all batches, and payment or non-payment information on every check and the reasons for non-payment. You can resubmit eligible items by clicking on them and you can easily add a fee for collection to those items that have been paid. We even update the system automatically through the host computer as modifications are made to the software.


HOW THE SYSTEM WORKS
(AN OVERVIEW):

    • EFT Network provides software for input of check data and communications to the Client.

    • Client sends data file to the EFT Network processing center.

    • The processing center makes an electronic presentment through the ACH.

    • The face amount of the check can be presented week one of the representment process.

    • The fee amount can be collected the following week on those successful face amount collections - this prevents the Client from inadvertently collecting a fee without first collecting the face amount.

    • For the collection of the fee amount customer authorization is required - this is best obtained via a stamp impression on the check at the point of sale signed by the customer.

    • All funds available for collection are electronically debited from the check writer and credited to the Client bank account on the 5th business day.

    • Funds that are still NSF can be electronically presented 1 additional time electronically. This is up to the Client and the Client can automatically initiate the representment through the software.

    • Detailed reporting is transmitted through our software back to the Client.

 

BENEFITS OF ELECTRONIC CHECK REPRESENTMENT:

    • Cost Effective

    • You get one additional presentment opportunity on an NSF check vs. paper collection – a total of three are allowed (1 paper, 2 electronic; or, 2 paper , 1 electronic).
    • Electronically submitted checks take precedence over paper checks at the bank.
    • Reduced processing expenses
    • No bank redeposit charges
    • Submit checks immediately or use SMART DATES - you determine what date the checks hit the bank – this is always 1 business day after you process to us provided you transmit before the cutoff time.
    • Expedient

      • You are able to recover NSF funds in 5 business days, instead of a much longer period experienced with traditional methods.

      • You can immediately resubmit items that are returned.

    • Representment Recovery Rate

      • 25-35% higher recovery rate than paper redeposit.

    • Very Low NSF Fee and Never a bank fee to the Client. The only fee the Client will pay is our transaction fee.

    • Consumers benefit - they are returned to open to buy status more quickly as a result of more rapid collections and eradication of negative file records.

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