eBanking's Electronic Check Recovery Gets You Your
Money!
When your customer bounces a check, your bank forwards the returned
check directly to Electronic Check Recovery. eBanking's enters
the check into a database and re-submits it electronically via the ACH
network. If the item bounces again, our processing center then holds
the check until the 1st or 16th of the month for a third and final
attempt to collect.
When the funds are collected and released, you receive 100% face
value of the check paid weekly.
Your customer does not have to:
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Bring you a money order or cashier's check. |
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Receive a threatening collection letter. |
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Answer an uncomfortable phone call. |
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Go through the embarrassment! |
Our electronic collection process is much faster and more
convenient than any other method available, and it will work on any
bank in the U.S. and its territories.
And now with Electronic Check Recovery, collecting
out-of-town checks has never been easier!
eBanking's Electronic Check Recovery is a Win-Win
Situation!
Your customers will benefit, because bouncing a check is an
embarrassing thing that no one likes to handle in person.
Electronic Check Recovery handles it for them quietly.
Electronic Check Recovery notifies your customer's bank of the ACH
transaction and adds it to his or her statement.
Successful enterprises focus on their core business. Electronic
Check Recovery solves your NSF problems so you can do just that.
You can finally stop chasing down bad checks and concentrate on
your business instead.
Electronic Check Recovery will provide signage that spells out
a check writer's responsibility to honor his or her check.
The eBanking's Electronic Check Recovery Advantage
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No limit on number of checks |
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No long-term contracts to sign |
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Eliminates high cost of guarantee services |
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No special equipment needed |
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eBanking's Electronic Check Recovery Works.
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Collected and released checks are paid weekly. |
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Checks are processed from any bank in the U.S. Federal Reserve
Banking System |
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Out-of-town checks are handled as easily as local checks
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Works directly with customer's bank to settle funds |
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Works for any business, anywhere that accepts checks for payment
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The Convenience of eBanking's Electronic Check Recovery
With eBanking Electronic Check Recovery, you can access your
transaction reports via the Internet anytime--24 hours a day, 7 days a
week. This online real-time reporting helps you reconcile your bank
account and keep track of the money that eBanking recovers for you.
FAQ's (Frequently Asked Questions)
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| Why Use ECR (Electronic Check Recovery)? | How do I get Started? | Daily Execution? | Getting Paid? |
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| Why Use ECR (Electronic Check Recovery)? |
| Does ECR guarantee my checks? |
| No, ECR is not a guarantee program, but it will usually provide more money for you than a guarantee program because of the costs of the guarantee program and necessary equipment. |
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| Do I have to sign a long-term agreement? |
| No, there is an agreement to sign, but there is no long-term commitment. You can try the ECR service and stop any time you wish. |
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| Is it legal to extract money from someones checking account? |
| Yes, the Federal Reserve has established guidelines for the ECR process, and we follow those guidelines explicitly. |
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| Can this be done with any check? |
| No, we can ECR only consumer checks that are under $2500.00. We cannot ECR business checks. |
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| How many times can eBanking present the NSF checks to the customer's bank for collection? |
| We can electronically present the NSF checks to the customer's bank two more times after the first presentment, which was the merchant's first deposit. |
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| When will eBanking attempt to collect the checks? |
| eBanking will electronically present the check to the customer's bank immediately after receiving the check from the merchant's bank. If it fails to collect, then eBanking will wait until, what is probably the check writer's payday, the 1st or the 16th for the next and last electronic attempt. |
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| What if eBanking cannot collect the bounced check? |
| We can only collect checks that actually have money in the bank. We offer a traditional collection service for 60 days if we cannot collect electronically. All at no cost to the merchant. If traditional collection fails also, then we return the check to the merchant so he can send it to their District Attorney. |
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| Can out-of-town checks be collected electronically? |
| Yes, even out-of state checks can be collected. We operate everywhere the Federal Reserve exists. So the merchant can accept out-of-state checks as easily as local checks. |
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| Is there a limit on the number of checks that can be collected? |
| No, there is no limit on the number of checks. |
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| When do the merchants get their money? |
| The merchants are paid weekly for the money collected for them at that time. |
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| What if the check is written on a closed account? |
| We cannot collect a check written on a closed account. There has to be an active account where the customer puts money in the bank. |
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| How does the merchant know what is happening to their NSF checks? |
| The merchant receives a weekly report with the status of their checks. The merchant can also get online reports over the Internet at any time. |
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| What happens to the checks after collection? |
| The physical checks are kept for 180 days, and then destroyed, but an image of the checks is available for 7 years. |
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| Will the bank charge the merchant a fee for forwarding the NSF checks? |
| No, the bank will not charge a fee for forwarding the checks to eBanking, just as they do not charge a fee to send them to the merchant. The bank does charge the merchant a fee for the NSF processing and this fee is charged again for the second processing. But eBanking does not charge the merchant a fee if the electronic collection fails, so this does save the merchant a little money. |
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| How do I get Started? |
| What do I need to do to get started? |
| Getting started is simple an easy. Just print the two forms, and fax them to eBanking at (405) 721-2061. Then mail the original of the Merchant Agreement to eBanking Experts at 6957 NW Expressway, #253, Oklahoma City, OK 73132. And deliver the original of the Bank Authorization to your bank. We will send you a starter kit with the self-inking stamp, and the stickers for your door and cash register. |
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| Why do I need a stamp? |
| To obtain proper authorization to electronically draft the checking account for the check and the State allowed fee, we need to stamp the front of each check and have the customer sign the stamp. |
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| What does the stamp say? |
| The stamp says, "I understand & authorize this check, if dishonored, plus a processing fee with applicable taxes to be electronically debited from my account. |
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| What if my customer does not want to sign the stamp? |
| I would be concerned that the customer knows that the check is going to bounce, so I would no accept the check. |
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| Do I need a stamp for each check-out lane? |
| Yes, and we will provide a stamp for each register in your store. |
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| Why is my bank account information needed? |
| We need the merchant's bank account information so we can identify the checks we receive from your bank, and also to pay you by direct deposit the monies collected for you. |
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| What if I do not want Traditional Collections, just Electronic Collections? |
| The Merchant can choose if they want electronic collections, traditional collections, both or either of them. |
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| Can the stamp interfere with the normal deposit or processing of my check? |
| No, if the check clears normally, then nothing different will happen. But if the check is returned NSF, then your bank will forward the check to eBanking’s partner, CRS, for electronic collection. |
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| Will the bank charge the merchant a fee for forwarding the NSF checks? |
| No, the bank will not charge a fee for forwarding the checks to eBanking, just as they do not charge a fee to send them to the merchant. The bank does charge the merchant a fee for the NSF processing and this fee is charged again for the second processing. But eBanking does not charge the merchant a fee if the electronic collection fails, so this does save the merchant money. |
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| Daily Execution? |
| What does the merchant do differently on a daily basis? |
| The only difference is that the merchant will stamp the front of the check and have the customer sign the stamp to get their authorization. |
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| What if my customer does not want to sign the stamp? |
| I would be concerned that the customer knows that the check is going to bounce, so I would no accept the check. |
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| Can the stamp interfere with the normal deposit or processing of my check? |
| No, if the check clears normally, then nothing different will happen. But if the check is returned NSF, then your bank will forward the check to eBanking’s partner, CRS, for electronic collection. |
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| Can this be done with any check? |
| No, we can ECR only consumer checks that are under $2500.00. We cannot ECR business checks. |
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| When will eBanking attempt to collect the checks? |
| eBanking will electronically present the check to the customer's bank immediately after receiving the check from the merchant's bank. If it fails to collect, then eBanking will wait until, what is probably the check writer's payday, the 1st or the 16th for the next and last electronic attempt. |
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| Do I need a stamp for each check-out lane? |
| Yes, and we will provide a stamp for each register in your store. |
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| Getting Paid? |
| When do the merchants get their money? |
| The merchants are paid weekly for the money collected for them at that time. |
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| How does the merchant know what is happening to their NSF checks? |
| The merchant receives a weekly report with the status of their checks. The merchant can also get online reports over the Internet at any time. |
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