Check verification and ID verification are two inexpensive methods that help protect you from chargebacks, fraud, or high return rates. The services are used by low and high risk merchants.
Identity verification services are used in conjunction with both echeck and card payment processing accounts. ID verification confirms that customers are actually who they represent themselves to be.
Check verification is used for electronic check. Check 21 and ACH echeck payments. Use of electronic check verification services reduces returned transactions. Saving you money on payment processing while protecting your echeck account.
Check verification services use extensive searches of public and private databases to gather information on the owner of the bank account from which funds are being debited. Verifying that routing and account numbers are entered correctly is included in all verification products.
It is easy for a buyer to enter account numbers incorrectly online or for a customer service rep to make an error with a check by phone payment. Account verification money saves money on returned transactions by making sure upfront that the account numbers are valid.
Electronic check verification services also check the history on the bank account. The data shows whether or not there is a history of bad check writing on the account, allowing you to eliminate some risk.
Check verification can be used to check the history on a bank account. It confirms if the account is open, is in good standing and if there is a history of bad checks being written on the account.
Check verification services can also confirm if there is money in a bank account. However, only about 60% of US banks release this information.
Even if there is money in the account, you don’t know if there is enough to cover a transaction. And funds are not “frozen” to cover a particular transaction as is the case in card processing.
Identify verification is used by companies in many industries. For example, companies selling high ticket items find it helpful to verify the identity of the consumer before fulfilling the order. Financial services firms often use ID verification for online orders.
Companies in some industries are required to verify the identity or age of a buyer. Adult entertainment, ecigarettes, and fantasy sports businesses are some common businesses that benefit from ID and age verification services.
Using a wide variety of public and private databases, ID verification decreases risk by confirming that customers are really the people they claim to be. There is a wide range of services included in identity verification. Merchants can use all or part of the services.
You can chose to match the last 4 numbers of a social security number, driver’s license numbers, birth and death records, phone numbers, addresses, and a wide variety of other data pulled from public records.
For most businesses, confirming the last four numbers of social security or driver license information gives enough verification to move forward with the purchase. Keep in mind, that the more information you ask for at checkout, the greater the chance of shopping cart abandonment.
Versification services are an inexpensive yet highly effective means of safeguarding your business.
Check verification services lower your processing fees by reducing the number of returned items. Identity verification helps prevent fraud by confirming buyers are who they represent themselves to be.
Are you interested in protecting your business with check verification and ID verification services?
Contact firstname.lastname@example.org today.