CrossCheck, Inc., has teamed up with eFunds Corporation of Tustin, California, a wholly owned subsidiary of Deluxe Corporation, to market eFunds' NSF Check Re-Presentment program (rCheck).
The program provides merchants the ability to electronically recover checks returned for non-sufficient funds (NSF). Rather than relying on costly and time consuming traditional methods, rCheck works by electronically re-presenting the check, debiting funds from the customer's account, and depositing them in the merchant's account.
"It's not about just covering bounced checks anymore," says J. David Siembieda, EVP for CrossCheck, "It's about giving merchants the tools they need to make more sales, in a safe, efficient and creative manor. We are pleased to be working with eFunds."
The rCheck process converts a returned check into an electronic funds transfer (EFT). rCheck allows a merchant to re-present and collect a check the same way a health club or utility company deducts a monthly payment from a check writers' bank account. This EFT is then processed through the Automated Clearing House (ACH) for payment to the merchant's business banking account.
rCheck recovers check funds in a fast and economical manner, even if the original check is three to six months old. Also, since rCheck is processed through the ACH Network, there are no NSF bank fees charged to the merchant. The recovery time is faster than resubmitting a paper check to the banking system since ACH transactions have priority over paper transactions at most banks. With the addition of rCheck, a retail merchant can pick and choose the CrossCheck program best for them, guarantee for high-risk items and rCheck collection for low-risk items.
eFunds Corporation was established in 1993 as a means of providing a low-cost solution to conducting transactions electronically. For additional information about eFunds call Stephen Neese at (714) 566-3823. Founded in 1983, CrossCheck, Inc., handled more than $5.1 billion guarantee transactions in 1998. For more information about CrossCheck and rCheck, call (800) 654-2365 or visit the CrossCheck web site at www.cross-check.com.
