Verification Service
Protect your business from bad checks.
Checks are still the way consumers prefer to pay
for go ods and services. How do you give your customers a choice and
not get stuck with bad checks, while gaining the benefits of echecks?
Without verification, the risk to you, the merchant, is similar to accepting paper checks. Deciding which checks should be accepted can be a complicated way of managing the risk. Our verification system helps you decide which echecks can be accepted. It's automatic and it's every time.
If you accept checks by phone or on your web site, we can help you reduce the number of returns and bad payments you accept.
- Identify Customers with Bad Payment History
- Authenticate the bank information
- Confirm the account is open and in good standing
The primary components of our Verification System are :
· ABA Verification. This tool will check the validity of a bank routing number. This data is provided through a partnership with Thomson Financial Publishing, the entity that issues routing numbers to financial institutions and maintains the most current information regarding routing number status.
These services are available in real-time or by filtering batches prior to processing.
- Lookup of bank name by routing number.
- identify data-entry errors of routing number.
- Identify inactive or retired routing numbers due to bank merger or acquisition.
- Identify financial institutions with valid routing numbers that do not accept ACH transactions.
- Identify credit unions and financial institutions whose rules do not allow debit or credit ACH transactions to post to savings or checking accounts.
- Reduce administrative returns, allowing you to identify bad routing numbers and enables you to make the correction at the point of acceptance instead of after the sale.
- Reduce cost associated with administrative return items.
· VeriTrac Validation. This tool checks the validity of routing numbers and is enhanced by the ability to verify that the account number is recognized through the "STAR" network as an open account and not currently in overdraft status. Approximately 70% of the financial institutions in this country provide this information to "STAR" and the number is growing daily.
- Identifies items drawn on "Closed" accounts.
- Identifies items drawn on accounts currently in overdraft (NSF) status.
- Identifies "Inactive" or "Retired" routing numbers due to bank merger or acquisition.
- Identifies financial institutions with valid routing numbers that do not accept ACH transactions.
- Available in real-time (WEB or Call Center applications) or batch filtering.
- Reduces "Account Closed" and "NSF" returns.
- Allows you to recognize potentially fraudulent transactions.
- Reduces the cost associated with return items and collections.
As with any authentication or approval system, none of the individual data elements are 100 percent effective. This is why we recommend a mix of the various elements that meet your specific needs
Please contact us directly for details .
Sales - 800-979-2242
