Products and Services
Consolidated Returns Program
What is Consolidated Returns?
It’s the process of consolidating
all your returned checks into one specific account, which enables you to reduce
fees assessed by the bank, improve how you manage returned checks, and get
quicker notification of returns. Traditionally, Consolidated Returns was used
by larger organizations dealing with multiple banks. Now, because of the
tremendous cost savings derived from implementing this program, single-location
merchants are enjoying the benefits of this service as well.
How does it work?
- When you deposit your collected checks at the bank, you’ll use
a different endorsement that we’ll provide that will route the check to our
consolidating bank if the check is returned unpaid. Thus, your returned checks
are consolidated in one account quicker.
- We’ll provide reports and images of the checks that have come
through your consolidated account.
- Then we’ll forward the actual checks or data to you or to the
organization of your choosing so the collection process can begin. If you’re using our electronic check
recovery program, we can take the data feed and immediately start processing
these checks.
Consolidated Returns Benefits
The greatest advantage of using Consolidated Returns is the
money you’ll be saving by consolidating returns in this account. Most banks
charge you $5, 10, or even $25 because your customer bounced his or her check.
How would you like to reduce that fee by up to 90%? That’s what Consolidated
Returns does! Whether you’re getting 5 or 500 checks a month returned, you’re
always saving money, plus being notified of these returned items in as little as
24 hours after they bounced!
Rapid Returns
Consolidated Returns saves significantly on transaction time.
Returned checks come back directly to the processing facility rather than the
bank of first deposit. Returns are received up to six days earlier.
Cost Savings
Most or all returned checks are channeled into a single source,
dramatically reducing banking fees.
Streamlined Returns Process
Consolidated Returns decreases or eliminates the logistical
problems of tracking, monitoring, and managing returned checks from multiple
locations.
Simple Implementation
Consolidated Returns is simple to start up and will change your
current process in only minor ways. Point-of-sale procedures and depository
relationships typically remain unchanged.
Complete Solution
By combining Consolidated Returns with our Electronic Check and our Traditional Check recovery
programs, you’ll have the most complete returned check management program
available today.
Still Not Sure?
If you’re not sure which solution is the best one for your
business or would like an online demonstration of how Consolidated Returns
works, please fill out a Contact Request form, and an
NCMS agent will contact you shortly. Or for immediate assistance, please
contact us toll free at 877.370.9645.
|