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| Automated Clearing House / Accounts-Recievable conversion (ACH/ARC) Q: What happens if an ACH transaction is returned for not having sufficient funds (NSF)? A: You may electronically re-deposit that item for payment two more times. Q: How do I know if an ACH transaction is invalid and unacceptable for payment? A: Access to on-line reporting is available at all times and tracks the status of every transaction you have submitted. Q: What fees will I pay? A: A transaction fee that is based on your monthly volume. In addition, a monthly gateway fee will allow access to on-line reporting so your managers can track all payments and returned items. Q: Can I enroll my customers/debtors in scheduled payment plans using ACH Processing? A: Yes, you can schedule recurring payments. Q: Can I use ACH Processing to make payments to my clients? A: Yes. Q: How are the ACH transactions submitted for processing? A: Through 128 Bit SSL servers, the highest security level for internet applications currently available. For the best results, you should have a high speed internet connection for your computer network. Q: What do I do with the paper checks after they are imaged? A: The paper check must be destroyed within 14 days of imaging, and the image must be kept for a minimum of 2 years. Q: Will I have to change my bank account? A: No bank account change is necessary. Funds will be deposited electronically into the bank account you designate. Q: What length of time is required to start processing? A: Once we receive a completed application, you could be processing electronic transactions in as little as 48 hours. Q: How much training is necessary? A: Training will require approximately one hour. Q: Can you integrate with my current system so my employees don't have to change anything? A: We have not found a system with which we cannot integrate. Any output file from your system will need to be NACHA-compliant and may need some programming on your end to become compliant. Q: Do I need any special permits or licenses to use ACH? A: You only need an Internet connection. No special licenses or permits are required. Check Verification / Conversion Q: What equipment will I need for Check Conversion? A: You will need only a check reader/imager that can be attached to your existing credit card terminal. Q: What happens to the paper check after I convert it? A: The check is stamped "ACH Processed" and is returned to the customer. He or she then signs a receipt similar to the one issued by a credit card company, giving his or her authorization that is retained in your records. Q: Do my customers still receive their normal float-time on checks? A: Customers will still realize a two-day float in most cases. Q: What does the verification service do? A: It matches the check-writer account information and driver's license number against a national database of negative check information in order to verify if the check writer has any current outstanding NSF checks. RCK Check Re-Presentment Q: What is RCK check recovery? A: RCK stands for "represented check." To collect these types of transactions, the dishonored check is imaged and turned into an electronic copy that is then returned to the bank electronically to request payment. Q: Who regulates this industry? A: RCK transactions must follow the rules and regulations established by the Federal Reserve Board, the UCC, and NACHA concerning procedures and processes. Q: What types of checks can be resubmitted? A: The check must be a personal one that is less than $2500 and fewer than 180 days old. The check must have have been returned for insufficient or uncollected funds, and it cannot be presented to the bank more than three times if electronic and two times if paper. Third-party, stop payment, or altered checks are not allowed to be processed electronically. Q: How many times can a check be presented to the bank for collection of funds? A: A check can be presented a total of three times for electronic collection or two times for standard paper methods. Q: How will the electronically resubmitted check appear on the customer's account statement? A: The account statement will contain the following information: the name of the merchant, the word "redepcheck," the check amount, and the check number. |
