- 05 Jul 2022
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Handling Returned Mail
- Updated on 05 Jul 2022
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FinTechs that are preparing to launch debit card programs will need to decide how to handle returned mail. Synctera recommends beginning with having Arroweye, the card manufacturer, track and destroy any returned cards. As the FinTech scales, FinTechs may want to manage the returns.
FinTech handles returned mail
FinTechs that choose to manage returned mail will need to take the following into consideration:
Communication
Fintech will need to communicate with the customer to inform them the card was returned with the reason for return and state the resolution.
Storage / Destruction
Fintechs will need to destroy the cards that are returned and re-issue the card for the customer. Destroying the card prevents any PCI issues from arising.
Tracking & Reporting
FinTechs will need to record customer information for any returned mail for the Sponsor Bank to review. In order to do this, Synctera will add a QR code that is printed on the outside of the envelope. The Fintech will utilize a QR code scanner and set up a program to populate a spreadsheet with the QR code data and information on resolution (eg. confirmed updated address, informed customer, etc).
QR code data:
- Customer’s name
- Mailing address
Sequence of Events
- Fintech will scan QR code and input information into tracking sheet
- Fintech will destroy card
- Fintech will inform the customer of the returned card and state resolution
- Fintech will reissue the card
Arroweye handles returned mail
Sequence of Events
- Returned mail arrives at Arroweye.
- Arroweye will communicates the customer information to Synctera.
- Arroweye will destroys card.
- Synctera will inform the FinTech to communicate with the customer.
- Fintech will reissue the card to an updated address.
Arroweye charges the following to manage returned mail:
- $25 per day + $0.70 per card