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Raven RCK Check
Recovery & NSF Check Representment
Using a TellerScan
(TS) 350 Check Scanner supplied by DeepCove Labs and the Raven
Check Recovery Application, you can reduce NSF items and accounts
that go to collection by close to 50%.
Using Raven, you can scan checks that are returned unpaid, convert
them to electronic data, and present them up to two more times
to the bank for payment.
As soon as funds are available in the check writer's account,
you are also allowed to debit a handling fee of $10.00 to $30.00
depending on the state in which your business operates. With the
additional revenue generated through state-allowable handling
fees, the Raven Check Recovery application can pay for itself
within weeks.
Raven Check Recovery is more effective than resubmitting checks
to your bank for several reasons.
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Raven allows you to strategically present
all of your NSF items to the bank when they are most likely
to be paid, once at the beginning and once in the middle
of each month.
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Raven allows you to recoup the administrative
cost of handling returned items. Once a check is re-presented
for payment, Raven will automatically create a transaction
to debit the state-allowable handling fee. You can decide
whether to charge the maximum allowed by state-law, or a
lesser amount according to your own criteria.
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Raven provides payment status information
in clear, easy to read reports. Status files can be imported
directly to your customer database for speed and accuracy.
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Raven Check Recovery reduces the amount
of paper handled in your office.
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Note: In order to comply with NACHA rules, you must advise
customers that if their check is returned unpaid, it may be debited
electronically from their bank account and a state-allowable handling
fee may be charged using the same means. Most retail organizations
comply by displaying a notice near the cash register. Other organizations
simply print a line of advice on their invoices and order forms.
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