Check Verification How to Verify Funds and Bank Routing Numbers Capital One Bank Routing

Description: The article is going to talk about check verification on how to verify check funds and bank routing numbers, we can also find some ways about how that helps the business.

We’re going to be talking about check verification how to verify a check and how that helps your business.

What is check verification? Check verification is a notification service based on the nationwide ATM network, it will tell you in real-time, the status of a customer’s checking account before processing a transaction.

You can determine if the checking account is overdrawn, frozen, or closed. Most importantly, if it is positively funded and active, it will instantly verify bank routing numbers, it will validate a checking account and give you response codes as to the status of that checking account.

This offers you an unparalleled ability to significantly reduce losses and fraud when accepting electronic check payments which is commonly known as check by phone ACH payments.

How does it work well there? The service is typically used in four ways. First is in call center environments or sales center environments where you’re taking ACH again, electronic payments over the phone from your customers an operator to verify in seconds the status of that customer’s account and quickly ask for an ultimate form of payment should the transaction get rejected.

It also helps to reduce operator error by verifying the routing number, it is from a valid Bank and the checking account information entered is also valid, the second way is in a batch processing environment where merchants accept these ACH transactions, you can scrub these transactions before submitting the batch to kick out transactions such as NSF closed account, the transactions of that nature. It will reduce your return fees, because you’re not saving those transactions and filtering those out before they get into the system.

The third way is on your website, the same method applies in the shopping cart, you can have a customer entering their information, when it comes back, you can quickly ask for another form of payment to save that sale in the shopping cart.

Let’s talk about the fourth way, if you have a system where you implement a system in your business, you can go ahead and integrate this type of check verification services, while a user is on the phone, it can eliminate data, enter error and validate that account before hanging up the system like ours.

It is easy to use a setup, it’s completely web-based secure and can be used by multiple operators at the same time, so how does check verification help your business well? As we talked about it,, it can reduce your risk of taking bad checks and the risks associated with fraudulent checks, it will virtually eliminate operator data, entry error, it will save lost sales by verifying customer account.

The customer information is valid, if it does not come back, you can ask for another form of payment, while you’re on the phone with that customer, it will reduce your processing costs for filtering out these transactions before they get processed.

We talked about return, lower your return check feeds from your bank or from an ACH processor, buying with check verification gives less expensive payment alternative over accepting credit cards.

I’m a proponent, you should take all forms of payment in your business and give your customer every option to pay you, but if you can incent users to pay you via a web check or a check by phone, it will cost you a lot less.

All that revenue drops the bottom line and it’s better for your business, so using this can give you a peace of mind, knowing the risk of losing money has been significantly reduced, I hope you can get the benefits of how check verification can work in your business.

Write A Comment