Recovery Data Services, Inc. (RDS, Inc.) provides a Worry Free but extremely effective service to our clients. We are able to turn NSF (Bad) checks into electronic debits and recover the funds directly from the Bad check writers account. Rather than having our clients redeposit bounced checks and incur additional fees, we provide a form that will instruct the client's bank to immediately forward all returned checks directly to our processor. Our service is very effective for small or large companies and does not require any monthly fees, or equipment to purchase.
Our Worry Free electronic recovery service can drastically improve our clients' accounts receivable time and eliminate the fees paid to traditional collection companies. The electronic debit takes precedence over all paper checks that have been presented and provides our clients with two Free electronic attempts to collect their Bad checks.
The RDS, Inc. Bad Check Collection Service has the potential to collect over 90% of a client's bad checks, depending upon the industry profile. With the normal manual check recovery process you're lucky to achieve a 45% recovery rate.
In fact, our processor returns 100% of the face value* of Bad checks collected right back into your business bank account electronically. Our clients never again have to allocate time and energy or pay away good money to collect Bad checks!
Important distinction: Unlike most electronic check collection companies, RDS, Inc. never charges the state approved fees until after the face amount is collected for you. It is legal to debit both the check face amount and the state fee at the same time, as most companies do. But should the fee collect without collecting the bad check for you, your customer is going to feel robbed, still owe you money and may cause trouble for you. RDS, Inc. waits until your money is collected and the bad debt is satisfied, before we attempt to collect our fees. This keeps your customers happy and coming back.
Finally, if we don't collect your money, we don't get paid, so we are highly motivated to collect all your bad checks.
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NACHA - The Electronic Payments Association is the leading organization in developing electronic solutions to improve the payments system.
NACHA represents more than 12,000 financial institutions through direct memberships and a network of regional payments associations, and 650 organizations through its industry councils. NACHA develops operating rules and business practices for the Automated Clearing House (ACH) Network and for electronic payments in the areas of Internet commerce, electronic bill and invoice presentment and payment (EBPP, EIPP), e-checks, financial electronic data interchange (EDI), international payments, and electronic benefits transfer (EBT).
NACHA is dedicated to improving the payments system through its eight primary functions. These are:
1. - Rule-making for the ACH Network and other payments systems;
2. - Facilitating the development of new payment applications;
3. - Identification and implementation of risk management initiatives;
4. - Providing and supporting education programs;
5. - Instituting and monitoring quality controls in the payments system;
6. - Improving member communications/relations;
7. - Responding to regulatory and government relations issues; and
8. - Marketing electronic payment services.
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RDS, Inc. is capable of recovering large and small volumes of checks while providing top notch customer service and enhanced reporting to any size business. The RCK processor will convert the paper check into an electronic transaction, under the NACHA rules, and automatically debit the amount of the Bad check
from the Bad check writer's account. The RCK processor can make two electronic attempts to collect each qualifying check.
Upon successful collection, the RCK system will electronically deposit 100% of the face amount* of the recovered check right back into your bank account(s). Only after the check amount is collected for you, the RCK processor
will create a paper draft to collect the state approved collection fee. This method of collecting the state fee keeps bad check writers happy, since their bad check amount has already been satisfied.
Also, by using a paper draft system, rather than using the ACH network, RDS, Inc. eliminates the NACHA requirement that each check be stamped with a
pre-authorization and be signed by the check writer. Other companies that collect state fees through the ACH network should inform their clients and require compliance with this regulation to protect them from substantial NACHA fines for non-compliance. Unfortunately, many companies in our industry fail to inform their clients
of this NACHA requirement and ignorance is no excuse should their clients be fined.
Fortunately, when you select RDS, Inc. to do electronic bad check collection for your business, you will never have to worry about stamping each check and getting signatures or worry about being fined by NACHA for non-compliance with this rule.
The few checks that fail or do not qualify for electronic check collection will be forwarded to our Free secondary collection to continue the collection process with no effort required on your part.
* Client shall receive 45% of check amount on any secondary collection that was over one year old when submitted.
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