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Bank Account Verification API

Bank Account Verification API

Verify Account in Real-Time Account verification is a quick and easy way to verify bank accounts in real-time, providing various levels of information, with contributions directly from financial institutions as well as many other sources. You can now make an informed decision when accepting a check payment option. The service is available as an independent program, a web application or as an integrated service through our startup API. Account verification sources include a wide network of participating banks to establish whether the account is open and currently in good standing with a positive balance. If the customer account is not related to any participating bank, the account is automatically validated using the largest experiential positive and negative database report from over banks accounts that account of the entire banking system Covers more.

Depending on your country, you may need to verify your bank account to be used by direct debit as a payment method. After seeing the test deposit, you should verify the deposit mentioned in the address and enter the test deposit,

If your account has a billing address in the United States, you can quickly verify your bank account instead of using the test deposit described in the Instant Bank Verification below. Unlike credit cards, where you can authorize at the time of payment that the customer has the necessary funds on their card, Check processing may require a bank account verification online API to reduce payment acceptance risk.

Let the new customer intake or ship as an example. This can be a major friction point for any business that relies on future recurring payments (such as premium-paying insurance companies, or an alarm monitoring business that collects monthly monitoring fees) can be a very good user error when The data the customer provides as input is bank account and routing information, or a null check can be taken.

Check Validation Solutions Your business is allowed to confirm that the account is good before opening the account and after loading into the recurring billing engine. Therefore data entry errors or possibly closed accounts or even fraud can be caught before "booking" the sale.

Also, compare the credit card authorization component with Startling and check processing: Startling transactions processed today leads the customer to the Startling network to argue tomorrow morning [assuming tomorrow is a banking day]. There are two banks involved: the bank that initiates debits on behalf of its merchant [ODFI] and the customer's bank (RDFI). Two banks have one more day to settle any reason for rejecting debit like NSF, closed account, etc.

Therefore the payment is rejected only after the payment has been accepted; Which can be later days. Imagine that a business pays commissions for new customers. The sales team brings in a new customer and is paid. Your bank rejects the payment of the report after 5 days.

Now that the business has many issues to address, commission payments may need to be pulled back. That customer must also be contacted for payment, and accounting may require undone businesses that accept the check, check 21 or remote deposit all risk the resulting payment. Return will be in [failed transaction]. Reducing losses through third party check verification services can be an essential part of the business that relies on ACH processing for check acceptance.

Bank account verification allows merchants to reduce the risk of check acceptance at the point of sale, in-person or online, and options range from automated routing number checking to the current checking status of real-time exams to negative databases.

Options to reduce check acceptance risk include:

  • Routing number verification
  • Proprietary negative database - must contain tens of bad accounts and negative items from verification data
  • Real-time status on accounts.
  • Negative data (basic and premium) services that provide negative information on unpaid goods.

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