CheckAGAIN Supports New NACHA Lockbox Rules
Electronic check re-presentment (RCK) leader, CheckAGAIN,SM supports NACHA (The Electronic Payments Association) Lockbox rules that become effective on March 15, 2002. This further broadens CheckAGAINs check verification and check recovery services that enable businesses to reduce bank fees and labor costs associated with check processing.
Media Contact:
Robyn Porter
703/467-8332, x-309
robynp@checkagain.com
CHECKAGAINSM SUPPORTS NEW NACHA LOCKBOX RULES
Herndon, Va. -- February 4, 2002 -- Electronic check re-presentment (RCK) leader, CheckAGAIN,SM supports NACHA (The Electronic Payments Association) Lockbox rules that become effective on March 15, 2002. This further broadens CheckAGAINs check verification and check recovery services that enable businesses to reduce bank fees and labor costs associated with check processing.
The Lockbox rules, also known as Accounts Receivable Truncated Check Debit Entries, allow businesses to electronically deposit accounts receivable payments made in person or through the mail into their bank account using the Automatic Clearinghouse (ACH) network. There is no longer a need to manually tally check deposits and then deliver them personally to the bank. Deposits are completed directly from the payment location. This is ideal for businesses with multiple locations, like mail and phone order retailers, grocery stores, property management companies, insurance agencies, educational institutions, and day care centers. Bank fees and administrative time and labor costs are substantially reduced because deposits and return items are completed electronically.
CheckAGAIN offers companies with several payment processing locations a centralized reporting tool for all deposits. Using CheckAGAINs web site, accounting personnel can monitor the activity of each payment location to determine deposit amounts and the number of checks returned for insufficient funds (NSF). Further, CheckAGAIN can immediately represent NSF checks directly to the consumers checking account, reducing recovery time from 20 days to as few as three days so businesses can recover their money sooner.
CheckAGAIN is a premier provider of check verification and returned check recovery services. These services include:
| | - POS Check Authorization -- offers access to the nations most powerful negative databases, including SCAN.SM This helps merchants avoid returned checks by verifying them against a negative database before they are accepted.
- Centralized Returns -- enable stores with multiple locations to consolidate returned checks into one bank, even if multiple depository banks are being used. This greatly reduces bank fees and accelerates the flow of information associated with returned checks.
- Electronic Check Re-Presentment (RCK) -- uses electronic recovery methods to re-present funds directly to the consumers bank account. This process means faster recovery, resulting in 20-30% higher recovery rates and reduced bank fees. CheckAGAINs unique service verifies available funds before the second re-presentment.
- Web-enabled Reporting -- allows managers to view returned items, control how they are handled, access images and status of all returned items, and export data to a variety of accounting applications. Push-reporting enables automatic emailing of customized reports.
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About CheckAGAIN
Established in 1998, CheckAGAIN uses innovative technology to simplify and improve the recovery process on returned checks for thousands of merchants nationwide. CheckAGAIN helps businesses increase their recovery on return checks while lowering associated transaction fees and assists consumers by significantly reducing inconveniences normally associated with resolving misunderstandings due to returned checks. For additional information please visit www.checkagain.com or call 800/666-5222.
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