Check verification uses extensive searches of databases to confirm a range of info on the bank account from which funds are being debited.
- Verifies bank account & routing numbers are correct
- Verifies the account is open
- Verifies account has a positive balance*
- Confirms no history of bad checks written on the account
- Reduces data entry orders errors
- Lowers administrative returns
- Slashes costs associated with returned transactions
- Reduces processing expenses
*Account verification confirms there is a positive balance in a bank account. Although this is helpful, keep in mind that funds are not “frozen” to cover ACH / e-check transactions as is the case in card processing.