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February 2009 - Scott Haynes
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Time for your first Check It Out of 2009.  The year is off to a great start.  January had our product webinars and a new RDC release, as well as many more customers implementing remote deposit capture.

This month's Check It Out topic concerns maybe the single most important fact about remote deposit capture: your customers only receive their money if they submit their deposits.  Before I explain further, let me follow-up on two other products that have received even more interest since our January product webinars.  You should have recently received sell sheets on both of these products.

CheckTrack is a CPS electronic collection service that uses the ACH network to collect on NSF checks for your customers.
Instead of your customers going to the trouble to collect on NSF checks, CPS will do all the work for them.  Your customer receives the full value of the check.

CPS has a record of successfully collecting on more checks than merchants typically can on their own.  In these financial times, this is a significant benefit.

Equally important, CheckTrack can provide a significant income stream for your financial institution.  The check writer's NSF collection fee is split 60% for CPS and 40% for your financial institution.  Lastly, CPS poses no additional fees which need to be passed on to your customer.

AR-Box is a fully electronic payment consolidation product for municipalities and businesses that currently receive paper or electronic payment from on-line bill payment processors.
CPS receives consumer bill payment data from all major on-line payment processors, and consolidates the data into two great benefits for billers.  First, AR-Box creates a single file each day that can automatically update the biller's accounts receivable system.  The second biller benefit is a single deposit credit, representing all payments each day, is applied to the biller's account via the ACH network.  The debit to the consumer's account takes place thru the on-line banking system.

CPS will be providing a detailed AR-Box webinar very soon.

Now, let's move on to this month's Check It Out topic.  Yes, remote deposit capture customers only receive their money if they submit their deposits.  Your customers can scan their checks, and proof and balance their deposits.  However, they must complete their efforts by submitting the deposit.  Every so often, I am contacted about a missing deposit.  The answer lies on your customer's Deposit Status Query screen.  Please, see the attached document about how your customers should use the Deposit Status Query screen to insure their deposits have been submitted.

February 2009 Check It Out attachment

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