Check Verification is a great business tool that allows you to verify a check (ach electronic check). The service utilizes the ATM network to provide real-time verification for merchants who want to determine if a checking account is overdrawn, frozen, closed, in good-standing, existing, and provides you real-time status that the account is funded before processing a transaction.
Our Check Verification system can help you reduce and eliminate returned items by verifying if electronic checks (also referred to as ACH transactions) are drawn on closed or overdrawn accounts or if inaccurate ABA routing or account numbers are provided.
The service gives you a real time status for routing number verification and bank account funds verification. The transaction only takes a few seconds to process and can be done over the phone with a customer or at your web site during check out.
Scrubbing these transactions before you submit them for live processing reduces your processing costs and the cost of processing transactions that are likely to come back return as NSF (not sufficient funds)
Merchants like using this service because it provides piece of mind knowing your risk of loss on electronic check transactions has been significantly reduced. Additional benefits include the reduction in operator data entry error.
ACH transactions combined with check verification now allows you to offer “ACH direct payment” over credit cards and save significantly on processing costs. Taking electronic checks by phone or online is less than half the cost of accepting credit cards.
check verification