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- What is Remote Deposit?
Back Office Conversion (BOC) is the standard entry class code for checks that are written at a payment location for goods or services, and converted from paper to electronic debit later at a centralized location. Checks converted under BOC are securely stored by the business until destroyed [Close] [Back To Top]
- What is Check 21 and what is its basic purpose?
Check 21 is a federal law that is designed to enable banks to handle more checks electronically, which should make check processing faster and more efficient. Today, banks often must physically move original paper checks from the bank where the checks are deposited to the bank that pays them. This transportation can be inefficient and costly. Check 21 became effective on October 28, 2004. [Close] [Back To Top]
- How will Check 21 make check processing more efficient?
Instead of physically moving paper checks from one bank to another, Check 21 will allow banks to process more checks electronically. Banks can capture a picture of the front and back of the check along with the associated payment information and transmit this information electronically. If a receiving bank or its customer requires a paper check, the bank can use the electronic picture and payment information to create a paper “substitute check.” This process enables banks to reduce the cost of physically handling and transporting original paper checks, which can be very expensive. [Close] [Back To Top]
- Is electronic check processing secure?
Electronic check processing is not new to the financial industry and is a safe and reliable way of processing payments. It uses technology that has been developed and tested to process your check information securely. [Close] [Back To Top]
- What changes can I expect as Check 21 goes into effect?
After October 28, 2004, you may receive a substitute check when you were expecting an original check. For example, if you receive canceled checks with your account statement, you might begin to receive a mixture of canceled original and substitute checks. If you receive image statements (pictures of several checks on a single page), you also may notice that some of the pictures are of substitute checks. [Close] [Back To Top]
- Will Check 21 result in my check being paid sooner?
With Check 21, banks will likely process more checks electronically. As a result, your check may reach your bank faster and be paid sooner. Always make sure you have enough money in your account to cover the checks you write at the time that you write them. [Close] [Back To Top]
- Will Check 21 affect how quickly I receive funds from the checks that I deposit with my bank?
Another federal check law (Expedited Funds Availability Act) specifies the maximum time periods by which your bank must make funds available to you. Some banks, however, make funds available sooner than this law requires. [Close] [Back To Top]
- What is the difference between Check 21 and programs that convert checks to electronic payments?
A check you write may be processed as a check. In that case, your rights are governed by check laws and regulations. Under electronic check conversion, the check is used only as a source of information to create an electronic fund transfer and is not processed as a check. You must receive notice that your check may be processed this way. Electronic fund transfers are governed by different laws and have different consumer rights than check payments. For more information about electronic check conversion, see the brochure “When Is Your Check Not a Check: Electronic Check Conversion” published by the Federal Reserve Board. [Close] [Back To Top]
- Do I need to put up any notification to my customers?
Yes, No More bad Checks.com will provide the appropriate notification stickers that inform the check writer at the point-of-sale that their check, as well as any fees, will be electronically re-presented should it be returned NSF. [Close] [Back To Top]
- Must I obtain written authorization from check writer?
Yes, this is done by providing you with a self-inking authorization stamp to apply to the back of every check you cash. [Close] [Back To Top]
- How does my customer's dishonored check get to your processing facility?
Our Bank Release form needs to be presented to your financial institution. This form instructs your bank to forward all NSF Checks to us for collection processing. [Close] [Back To Top]
- How many times will you re-present these items?
Federal Regulations allow us to re-present two additional times after the initial rejection. [Close] [Back To Top]
- What happens to the check if you are unsuccessful?
It's your option to use our traditional collections and/or attorney network partners, or you can have the checks returned back to you. [Close] [Back To Top]
- When do we get paid for the checks that are successfully collected?
Payments will be processed electronically every Month for checks collected for the prior month. [Close] [Back To Top]
- What do we do if a customer wants to pay for their NSF check and fees directly to us?
If any customer pays your company directly, you would forward any return fees received to No More bad Checks.com and immediately contact our customer service so we can stop any future re-presentments. [Close] [Back To Top]
- How old can the check be in order to try electronic collections?
The check cannot be more than 180 days old and must be under $2500.00 [Close] [Back To Top]
- Can you collect on checks that we already have?
Yes! We can effect collection procedures on the bad checks through our collection network. [Close] [Back To Top]
- What is check conversion and how does it work?
Check conversion is the process of converting your customer check payments into electronic payments that are processed through the Automated Clearing House (ACH). Check conversion can save businesses considerable time and money in payment processing. In addition, check conversion results in fewer check returns, earlier fraud detection, and less errors [Close] [Back To Top]
- Is check conversion new?
No. Check conversion has been in place for five years using the same secure Automated Clearing House (ACH) system that has been used close to 40 years for Direct Deposit and Direct Payment. [Close] [Back To Top]
- What is Point of Purchase (POP)?
Point of Purchase (POP) is the standard entry class code for checks written at a business payment counter, voided, returned to a customer, and processed as a converted check [Close] [Back To Top]
- What are the benefits of check conversion?
Check conversion can result in fewer returns, earlier fraud detection, less processing errors, and reduced processing costs [Close] [Back To Top]
- Who benefits from check conversion?
The check conversion process adds significant efficiencies to the U.S. economy. Electronic payment processing has advanced to the point that the processing is seamless and, for the most part, transparent to your customers who benefit from the reduced time between writing and processing of their checks [Close] [Back To Top]
- Is check conversion legal?
Yes. Check conversion is legal. [Close] [Back To Top]
- Is check conversion safe and secure?
Yes. Electronic payments are safe and secure - a network of computers does the work. [Close] [Back To Top]
- What are the possibilities of fraud or other problems in the ACH network?
In close to 40 years there have been very few instances of fraud in the ACH network. Any problem has been quickly resolved. The system is very safe - banks use it every day to transfer billions of dollars [Close] [Back To Top]
- Exactly how is a payment made under check conversion?
Checks are converted into electronic payments via the Automated Clearing House (ACH) Network, the same safe, reliable system used by hundreds of thousands of companies for Direct Deposit of payroll and by the Federal government for benefit payments such as Social Security. It is an extremely safe network that has been in existence for close to 40 years. [Close] [Back To Top]
- Does the payment clear faster with check conversion?
The payment may clear faster when a business has converted the paper check to an ACH electronic payment. Consumers should be sure they have adequate funds in their accounts to cover the amount of their payments. [Close] [Back To Top]
- How much notice do I have to give my customers that we are now converting checks?
You are required to provide notice to your customers prior to the receipt of each check to be converted to an ACH electronic payment. Because check conversion transactions are considered to be single entry debits, the consumer must be notified prior to each check payment. [Close] [Back To Top]
- What is the best way to notify customers that we will begin using check conversion to process payments?
To promote acceptance and to minimize confusion and complaints, let your customers know you will be converting checks. Businesses are required to post a notification in a "prominent and conspicuous" location. Businesses are also required to give the customer a copy of the notification, which could be a receipt or a "take-away". In addition, the business must provide the customer a working telephone number that they can call for more information or dispute resolution. [Close] [Back To Top]
- Accept Online Electronic Checks!
With e-commerce booming, most businesses now offer their customers the option to pay invoices online. But many are finding that credit card payments are associated with high processing costs, particularly in comparison to online electronicchecks, entered directly on your website.
No More Bad Checks allows your customers to pay by online electronic check, simply by entering their bank and account information, and No More Bad Checks does the rest. The check payment web page looks like a traditional paper check, so that customers can easily identify the information they are required to enter.
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- How Does Accepting Online Checks Work?
1. The customers’ account information is entered on an online form which resides on your company website. The system transmits the data securely to NoMoreBadChecks by Web’s processing server using html commands.
2. This data is transmitted in real-time to our secure web site and processed by our high-speed web hosted system which is safely accessed from a standard web browser.
3. The funds are processed through the national automated clearing house (ACH) system, electronically debited from the customers account and in most cases available in your bank account within 24 to 48 hours, eliminating a trip to the bank.
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- Benefits to You
1. Accepting Checks Online Increases website generated Sales by offering another payment option for your customers.
2. Accepting Checks Online does not require any new equipment.
3. NoMoreBadChecks.com provides 24/7 access to your account via our secure website, including automatic archives and detailed reporting features easily downloaded to your accounts receivable software.
4. NoMoreBadChecks.com makes good funds available within 24 to 48 hours; returned items can be automatically resubmitted at no additional processing cost.
5. NoMoreBadChecks.com does not require you to change your bank. We deposit to any bank account.
6. NoMoreBadChecks.com permits online recurring payments. Recurring payments allow for payment over time for large items, or for regular payments by repeat customers/subscribers.
7. And, finally: NoMoreBadChecks.com Saves You Mo ney! Our all-in processing cost (our transaction fee plus minimal bank fees) is significantly lower than your current credit card processing fees.
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- What is the difference between check verification and check guarantee?
Check verification compares the MICR information on a check with a national database that assesses the check writer's status and credit worthiness. Check guarantee is a check service that actually guarantees the face value of checks and protects the merchant against non-sufficient funds (NSF). [Close] [Back To Top]
- What is an electronic check?
An electronic check is a funds transfer from a customer's bank account for payment to a merchant, government agency, or other entity. This ACH-based process takes place via the Internet or Interactive Voice Response (IVR) without the need to write a paper check. [Close] [Back To Top]
- What is point-of-purchase check conversion?
Point-of-purchase check conversion is the process of converting checks presented to merchants or cashiers into electronic fund transfers. "Electronic fund transfer" represents the process in which a financial institution is instructed to electronically move a specific amount of funds from a customer's account to your account, rather than processing a paper check. When a check is handed to the cashier, it is copied and the account information from the check is used to make the ACH electronic fund transfer. The cashier can void's the paper check and returns it to the customer. [Close] [Back To Top]
- What is electronic check conversion?
Electronic Check Conversion, or "ECC" reduces the cost, time, and risks associated with paper check acceptance. It is a one-time electronic rendering of a paper check and contains a date, payee name, dollar amount, digital signature, bank account number and routing number. A merchant or company submits the check information through the ACH electronic system and the funds are transferred into their account. As a merchant or company, this means that you get your money faster and can recognize problems with specific accounts sooner. [Close] [Back To Top]
- Which bank accounts can be used to make electronic check payments?
Single-entry debit payments can be made from a personal or business checking or savings account. Checks drawn on credit card accounts and money market accounts cannot be used for electronic check payments. [Close] [Back To Top]
- How does the electronic check transaction flow?
When a check is run through a MICR reader, the ABA routing number, account number and check numbers are captured and routed for an authorization response. The actual account information will be routed to a specific institution or third-party provider to be verified. When a response is received back and the check is converted, the transaction will be routed via ACH for settlement. If the customer account does not have sufficient funds, the transaction will be re-presented in an attempt to receive funds. If consumer funds cannot be obtained, the transaction will be returned. [Close] [Back To Top]
- Will the customer's checking account be secure?
All financial institutions regard the customer's information as highly confidential and not to be disclosed. During the ACH check conversion process, only a customer and merchant sees the account information. [Close] [Back To Top]
- What are the benefits of electronic check payment?
ACH check conversion can result in a lesser number of returns, quicker fraud recognition, additional privacy, and reduced processing expense. Electronic payment processing is a virtually seamless method of payment and customers benefit from the reduced time between writing and handling of their checks. [Close] [Back To Top]
- Get Paid!…Accept Checks over the Telephone.
Whether you accept orders for your products and services by phone, or simply want to offer your customers another convenient payment option, you need No More Bad Checks’ Checks by Phone service. Once you have your customer’s permission, Nomorebadchecks.com enables you to accept payment from your customers’ checking accounts over the telephone. [Close] [Back To Top]
- How Does accepting Checks over the Telephone Work?
1. Once you have your customer’s permission, Our user-friendly software prompts your operator to enter the customer’s checking account number, bank routing number and check number.
2. With NomoreBadChecks.com you can set-up either one-time or recurring transactions.
3. We will transmit the payment data in real-time and generate an electronic debit from the clients account via the national automated clearinghouse (ACH) system.
4. Our system in most cases deposits debited funds into your account within 24 to 48 hours. Unpaid items are reported via your NomorebadChecks online account and can be redeposited automatically.
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- Benefits to You
1. Accepting Checks over the Phone can Increase your sales by making purchases easier for your customers.
2. Accepting Checks over the Phone eliminates the costs of producing and mailing paper invoices, and eliminates payment delays due to invoice delivery time, and waiting for the arrival of paper checks.
3. Accepting Checks over the Phone eliminates the need for trips to the bank to deposit checks.
4. NoMorebadChecks.com offers free use of our software, with only a PC and internet access required.
5. You have 24/7 access to your NoMoreBadChecks account, which provides automatic archiving, pending and completed transaction reporting, and easy downloads to your accounts receivable system.
6. NoMoreBadChecks transaction fees are significantly lower than credit card processing fees or paper check deposit cost
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- Is EFT right for my Business?
We have compiled a list of business types that can best utilize use our Electronic Funds Transfer service. They fall into the
following categories:
* Monthly service providers
* Periodic service providers
* Lay-away installment payment programs
* Weekly or monthly payment programs
* Non-profit Donation-funded organizations
The following is a short list of a few categories of businesses that are good prospects for EFT:
Furniture rental centers,Beeper Services, Storage centers, Cellular phone rentals, Apartment & condo complexes, Property Management Firms, Voice mail services, Private mail box rentals, Answering services, Internet providers, Computer Bulletin Boards, Equipment leasing companies, Used car dealers, Multi-level marketing companies, Long distance providers, Pre-paid calling cards, Exterminators & pest control, Weight loss & Fitness centers, Heating oil dealers, Lawn maintenance companies, Alarm monitoring companies, Mortgage companies, Pool cleaning companies, Bottled water companies Office water purification, Consumer finance companies, Golf, tennis & other clubs, Computer maintenance Monthly membership companies,Flea markets Fraternities Pre-paid legal services, Time share companies,Day care centers, Monthly garage parking,Janitorial & cleaning services, Newspaper subscriptions, Cable companies,Satellite TV services, Bookkeeping service, Retail Stores (Lay-away plans), Massage therapists, YMCA'S, Churches, Orthodontists Non-Profit Organizations, Newspapers, Karate Studios,
Waste Management Pest Control Services Telemarketing Firms , Public TV/Radio
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- How does the EFT process work?
Your customers sign a simple authorization form that authorizes you to deduct the amount of their payments on a certain date. Your customers provide you with a voided check to verify account information. Your charges are then automatically deducted from their bank accounts each week or month on the day they are due and deposited into your account . Unlike most of our competitors, your funds are not held for 3 to 5 days. Since you have direct, password protected access to the Federal Reserve system with our software, You receive your funds within 24 hours.
EFT is a very simple way to receive payments from your customers electronically. A one-time authorization enables YOU to debit the specified amount from your customer's account and deposit payment to YOUR account on a one time or recurring schedule. We do not have access to your money nor do we handle or control it at any time. With our EFT service, YOU are in complete control of your money at all times.
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- What authorization from my customers do I need?
Your customers simply sign an Electronic Authorization Form personalized to your business and provide a voided check to implement the process. We have no contact with your customers and remain totally transparent to your customers. [Close] [Back To Top]
- How is the Electronic Transfer of Funds Accomplished?
We provide you with state of the art, password protected EFT software on an outright purchase or lease to own plan that will allow you to input and maintain your database of customer billing account information. The account information is kept confidential by automatic encryption when transferred electronically to the Federal Reserve System for processing. [Close] [Back To Top]
- How much time is required to process the information?
It only takes a few seconds to process your accounts once the following information has been permanently stored in your software database:
Name of Debtor
Bank Account Number
Bank Routing Transit Number
Amount Due
Due Date
Prior to the date due and with a simple key stroke, all transactions are sent automatically. If required, any individual account information such as "Amount Due" or "Due Date" can be easily modified before transmitting. Frequent changes in "Amount Due" can be automatically transferred from your database before transmitting to the Federal Reserve via modem. You receive funds in 24 hours. [Close] [Back To Top]
- Do Customers Have to Worry about Security?
Business and individual customers and consumers have less to worry about when they pay by EFT than they do when they pay by check. When a check is used for payment many different people in many organizations usually handle it before it gets back to the writer’s bank. This multiple handling presents security problems for the consumer and the business. With EFT the information from a voided check is entered once into the business accounting program and not seen again. Payment transmissions are encrypted and sent through the secure wires of the ACH Network to the Federal Reserve Bank. There is an immediate record of who initiated the payment transmission in the business and of the account that received the payment in accordance with the agreement and authorization between the customer and the business. [Close] [Back To Top]
- How does Electronic Funds Transfer save me money?
No waiting for payments.
Collecting payments through EFT costs less than printing and mailing a statement. EFTeliminates the handling of paper checks, late payments, and you'll know within hours if the payment request is rejected.
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- What benefits do my customers realize?
Customers no longer have to write and mail a check. This avoids late charges, collections and the possible disruption of service. [Close] [Back To Top]
- How safe and reliable is this process?
The Automated Clearing House Network (ACH) is the same system used for payroll direct deposits as well for social security payments by the Federal Government. All bank regulations and payment system rules are followed and strictly adhered to. Below is a flowchart showing the basic mechanics of the EFT process. [Close] [Back To Top]
- How much does the service cost?
The cost of our EFT service is amazingly low, considering all of the benefits it provides. The per transaction fee is determined by your volume. Our normal processing fee is 30 cents per item. This fee represents a great savings when you consider ..No more invoices, postage, envelopes or associated labor costs. Even the cost of a stamp to mail your invoice is now 41 cents alone!
For those businesses currently processing a high volume of monthly transactions please ask us for a special price quotation. [Close] [Back To Top]
- Does your business sell continuing services or big ticket items?
Now you can offer your customers a flexible payment option, either to pay on-going subscription type costs, or to pay large amounts over time. And, you can avoid the disadvantages of traditional paper billing and collection with The NOMoreBadChecks easy-to-use Automated Recurring ACH Payments system. [Close] [Back To Top]
- How Does Recurring Check Debiting Work?
1. Once you have your customer(’s) agreement to automatically debit their accounts, just log in to your secure NoMoreBadChecks account via the internet.
2. Schedule your customer(’s)Recurring payments via our user-friendly interface: one-time payments, weekly, bi-weekly, monthly, bi-monthly, quarterly, semiannually, or annually.
3. Thereafter, our system generates an automatic debit from the bank account your customer has designated (any bank, and savings or checking account)
4. NoMorebadChecks Recurring customer payments in most cases are credited to your account within 2448 hours.
5. Returned items/unpaid items are reported to you via our secure website, and can be resubmitted automatically.
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- Benefits to You
1. Recurring Check Debits can Increase your sales by making purchases easier for your customers.
2. Recurring Check Debits eliminates the costs of producing and mailing paper invoices, and eliminates payment delays due to invoice delivery time, and waiting for the arrival of paper checks.
2. Recurring Check Debits can reduce past due accounts and improve receivables by as much as 37%.
3. Recurring Check Debits eliminates the need for trips to the bank to deposit checks.
4. Recurring Check Debits offers free use of our software, with only a PC and internet access required.
5. You have 24/7 access to your NoMoreBadChecks Recurring check debit account, which provides automatic archiving, pending and completed transaction reporting, and easy downloads to your accounts receivable system.
6. NoMorebadChecks transaction fees are significantly lower than paper check deposit and processing fees.
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- How does Check Verification work?
The NationalVerify check verification database uses two kinds of information:
- Negative information, which links over 22 million accounts to returned checks that have not been repaid to the merchant.
- Positive data, which records the dollar amount and item count of check transactions for each of the 138 million accounts in the database.
NationalVerify has pioneered the use of many sophisticated features to augment negative data and prevent merchants from being victimized by fraudulent checks.
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- What are the benefits of NationalVerify Check verification?
Our service Identifies buyers with negative check-writing history.
Minimizes potential losses from accepting bad checks.
Allows your company to recognize potentially fraudulent transactions at the point of acceptance.
Provides a comfort level allowing order fulfillment to be expedited.
Reduces cost associated with return items and collections
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