Get More Orders with Check Verification
Verify to Reduce Risk & Boost Sales
As beneficial as echecks are to online merchants, increasing sales up to 20%, merchants still have some concern about the payment option.
Echecks are one of the safest methods to accept payments methods for ecommerce merchants. The ACH processing network is the oldest, largest and most dependable payment processing system in the US. Secure processing includes encryption, authentication, digital signatures, certificate authority, detection of duplicates, and a wide range of other data points to safeguard you & your customers.
One concern expressed by merchants is that electronic checks are still not real time as credit cards are. This will change in October, 2017. At that time, same day ACH echeck processing will be available.
Until then, it will still take you at least a day to know whether or not the transactions cleared. For this reason, most online merchants wait at least a few days to ship products paid for by echecks. Companies that offer immediate delivery of products, such as digital downloads, often simply fulfill the order at time of purchase since digital products have much lower costs than physical goods.
Verification & authentication services reduce risk while increasing orders. The services are inexpensive & easy to implement. And are highly effective to decrease returns & revoked transactions.
Account Verification for Echecks
Using a wide array of databases, check verification services compiles information on the account before the order is submitted for processing. The transaction is verified for correct routing /account numbers, verifies the account is in good standing, and checks to see if any bad checks have been written on the account.
Still, the most common reason for a return is that there is not enough money to cover the amount of the transaction. You can resubmit transactions for non-sufficient funds NSF) up to 2 more times. More than o 85% of all NSF transactions clear when resubmitted again.
Identity Verification Services
Companies that sell high ticket items often verify the identity of the buyer before fulfilling the order. ID verification reduces risk by confirming that the buyer is indeed who he represents himself to be.
Our all-inclusive service lets you decide how you would like to verify ID. Common checks include matching
- last 4 numbers of a social security number
- driver’s license number
- birth and death records
- phone number
- addresses
Some companies ask a series of questions drawn from public records. These may or may not perform well for you. Sometimes public records are not accurate. And the more questions you ask, the greater likelihood that buyers will get frustrated & leave the site without completing the purchase.
Conclusion
ID verification and check verification saves you money and decrease your risk for fraud.
Check verification saves you money on returned transactions. By confirming that an account is open and in good standing, you keep your returns low.
ID verification confirms that customers are really who they claims to be. Which substantially decreases your risk for fraudulent transactions.
Are you interested in lowering your processing expenses while protecting your business?
Contact info@NationalACH.com today.