Agile Payments Blog

Coleman Akey


Recent Posts

1 min read

Account Verification System

By Coleman Akey on Oct 16, 2018 1:00:36 PM

Account Verification Systems confirm that a bank account is open and in good standing prior to the account being loaded into the billing engine. This means that data entry errors, potentially closed accounts, or even fraud can be caught before the sale’s confirmation.

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1 min read

Bank Account Verification Services

By Coleman Akey on Oct 15, 2018 11:53:37 PM

While authorization is a important aspect of the credit card sphere, the ACH realm lacks such an authorization component. When it comes to credit cards, a merchant knows they are getting paid at the point of sale because they can verify that the customer has the requisite funds on their cards at the time of payment. This reserves those funds for capture and settlement.

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2 min read

Verify Business Bank Account

By Coleman Akey on Oct 13, 2018 11:33:00 AM

Unlike the credit card arena, the ACH world lacks an authorization component. Essentially, a merchant knows they are getting paid at the point of sale because credit cards allow you to authorize at the time of payment that the customer has the requisite funds on their cards. This reserves those funds for capture and settlement.

Because the ACH world lacks the verification component present with credit card payments, knowing How to Verify a Business Bank Account is a priority for businesses in the ACH realm.

Many business compensate for this lack of authorization buy implementing a Checking Account Verification system to mitigate payment acceptance risk. Without an ACH Verification System obtaining your new customer’s valid checking account information can be a hassle.

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2 min read

Bank Account Validation

By Coleman Akey on Oct 11, 2018 10:16:00 AM

The ACH world lacks the authorization component that is present in the credit card sphere. Credit cards allow merchants to authorize a sale at the time of the payment, so the merchant will know that they are definitely getting paid. A business knows that their customer has the requisite funds on their card to make their payment in real time, and the funds are reserved.

So, we can see how credit cards are validated, but how does the Bank Account Validation process work?

Businesses adopt Bank Account Validation systems in order to mitigate the risk associated with payment, without these systems your customers will most likely be required to do significant work to obtain correct or valid bank account information.

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2 min read

How to Verify a Check is Good?

By Coleman Akey on Oct 10, 2018 10:11:14 AM

Checking Account Verification Services mitigate check acceptance risks at the point of sale, with verification options ranging from automated routing number check and negative database options, to near real-time inquiries into current checking account status.

How to verify a check is good:

Most checking account verification services utilize routing account number validation, which identifies the bank the check is drawn against. These databases can be checked in real time.

Negative databases are also often utilized. Based on positive and negative history of that checking account info, a report is generated regarding the account status. If the check is good or bad, a retailer can report that check status to the database. Many retailers contribute data to the network, so there are many millions of checking accounts to reference.

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1 min read

How to Verify Bank Account Number Online

By Coleman Akey on Oct 9, 2018 9:53:38 AM

 

 

Most third party entities that offer a Checking Account Verification Service utilize routing account number validation and negative databases. The bank routing number identifies the bank the check is drawn against.

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2 min read

ACH Verification Process

By Coleman Akey on Oct 8, 2018 10:43:47 PM

 

Unlike the credit card realm, the ACH world lacks an authorization component. Essentially, a merchant knows they are getting paid at the point of sale because credit cards allow you to authorize at the time of payment that the customer has the requisite funds on their cards; thereby reserving those funds for capture and settlement.

So what is the ACH Verification Process?

The lack of the authorization present with credit cards leads some business to implement a Checking Account Verification system to mitigate payment acceptance risk. Without an ACH Verification System your new customer may require significant work to obtain correct or valid checking account information.

An ACH Verification Process helps merchants reduce risks associated with check acceptance at the point of sale, in person or online. Verification tools allow businesses to significantly reduce payment acceptance risk by validating the customer’s bank account in real-time.

Verification options range from negative databases and automated routing number checks to basically real-time inquiries into current account status and checking account balance inquiries.

How to verify a check is good?

Most third party entities that offer an ACH Verification Process include the most basic tools: routing account number validation and negative databases. The bank routing number identifies the bank the check is drawn against. The databases holding this information can be checked in real time. Negative databases exist as a history [both positive/negative] of checking account info. Many retailers contribute data to the network, but recency is an issue because the customer’s last written check at a participating retailer is the last data point. This means that data can be out of date.

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2 min read

ACH Verification Process

By Coleman Akey on Oct 5, 2018 9:50:01 AM

Unlike the credit card realm, the ACH world lacks an authorization component.  Essentially, a merchant knows they are getting paid at the point of sale because credit cards allow you to authorize at the time of payment that the customer has the requisite funds on their cards; thereby reserving those funds for capture and settlement.  

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2 min read

Payment Gateway Integration Web Service

By Coleman Akey on Aug 3, 2018 4:23:57 PM

SAAS platforms and developers tend to make a decision on a payment gateway integration partner[s] without considering the potential for the partner to actually help grow their business.

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2 min read

Bank Account Verification API: What are your options?

By Coleman Akey on Jul 26, 2018 4:16:52 PM

The ACH or electronic check world lacks the authorization component present with credit cards.

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2 min read

ACH Validation: Understanding Your Options

By Coleman Akey on Jul 25, 2018 1:33:00 PM

The ACH or electronic check world lacks the authorization component present with credit cards.

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2 min read

Instant Checking Account Owner Authentication

By Coleman Akey on Jul 19, 2018 12:34:45 PM

Instant Checking Account Owner Authentication Service: Understanding Your Options

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1 min read

Real Time Checking Account Owner Authentication Service

By Coleman Akey on Jul 18, 2018 3:56:37 PM

Real Time Account Owner Authentication Service: Moving Beyond Check Verification Services

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1 min read

AOA Service

By Coleman Akey on Jul 17, 2018 3:35:18 PM

Checking Account Owner Authentication Service: Looking Beyond “Account is Open and in Good Standing”Check Verification Services

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2 min read

Checking Account Ownership Systems

By Coleman Akey on Jul 16, 2018 9:34:07 AM

Checking Account Owner Authentication Service Systems: What are your Options?

Checking Account Owner Authentication Service Systems (AOA) provide businesses with fraud mitigation tools that provide instantaneous insight about the person or business whose check payment you want to accept or enroll in a recurring billing plan.

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