Agile Payments Blog

3 min read

Check Verification Process

By Coleman Akey on Mar 22, 2019 11:38:00 AM

In 2019 the payment landscape demands sophisticated check acceptance risk mitigation tools. A Check Verification Process mitigates 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.

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1 min read

ACH Check Validation Providers

By Coleman Akey on Jan 29, 2019 8:54:53 PM

The majority of the time payment rejects are accidents, and making customers go through the hassle of the sale process again will undoubtedly lead to a fraction of those sales being lost. By leveraging checking account verification tools businesses can reduce the chance of losing customers over simple data entry errors. Businesses that rely on future billing are especially vulnerable to bad check data, utilizing ACH Check Validation Providers can dramatically reduce bad check acceptance and the subsequent workflow problems.

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1 min read

Verifying Bank Account Ownership: Understanding your Options

By Coleman Akey on Jan 23, 2019 12:22:59 PM

Advances in the online payments sphere have now made it possible for businesses to verify bank account ownership. This real-time checking account verification can confirm that a consumer or business owns the account, and is authorized to transact.

Verifying Bank Account Ownership via an online application provides businesses with comprehensive, instantaneous insight into the person/business whose check payment the business wants to accept or enroll in a recurring billing plan.

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1 min read

ACH Check Validation

By Coleman Akey on Jan 15, 2019 6:04:50 PM

The ACH Check Validation Services allow merchants to reduce check acceptance risk at the point of sale (both online and in person). Available options include:

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2 min read

Bank Account Verification: Understanding Risk Mitigation Options

By Coleman Akey on Dec 6, 2018 4:52:08 PM

The ACH or electronic check world unfortunately lacks the authorization component present with credit cards, making Bank Account Verification a necessity for SaaS businesses looking to mitigate payment acceptance risks.

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2 min read

Bank Account Validation: Exploring Your Options

By Coleman Akey on Dec 4, 2018 4:33:53 PM

Bank Account Validation allows merchants to mitigate check acceptance risk at the point of sale by providing an opportunity to validate that an account is open and in good standing prior to the account being loaded into a recurring billing engine. This means that data entry errors, potentially closed accounts, or fraud can be caught before finalizing the sale.

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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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1 min read

Verify Funds

By Agile Payments on Oct 12, 2018 11:14:00 AM

Unlike credit cards, which can be authorized in real time, the ACH world lacks a real-time authorization component. 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 can we Verify Funds for a checking account?

Understanding How to Verify Funds online is a merchant’s best bet to reduce check acceptance risks, and verification tools reduce payment acceptance risk by validating the customer’s bank account in real-time.

The validation process helps merchants lower their risks when accepting checks through the use of real-time verification tools. Most third party entities that offer Bank Account Validation services include negative databases, routing account number validation, and ATM networks.

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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

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

Bank Account Verification Web Service: Understanding Your Options

By Agile Payments on Jul 24, 2018 3:45:00 PM

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

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2 min read

Bank Account Verification Online: What are your options?

By Agile Payments on Jul 23, 2018 1:18:14 PM

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

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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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3 min read

Instant Checking Account Verification

By Agile Payments on Jun 18, 2018 2:27:55 PM

Instant Checking Account Verification Tools allow businesses the ability to significantly reduce check acceptance at the point of sale.

For businesses that onboard or enroll a new customer in a recurring or subscription based billing environment the ability to instantly confirm checking account data is valid and that the customer has an active bank account eliminates considerable admin burdens that arise from enrolling bad checking account data.

The ACH or electronic check world does not have the authorization component present with credit cards. When processing a credit card you are able to ascertain at the time of payment that the customer has the requisite funds on their card and in turn reserve those funds for capture and settlement. In essence-You know you are getting paid.

For many businesses no authorization component means that aaInstat Checking Account Verification system is needed to mitigate payment acceptance risk.

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3 min read

Checking Account Verification Companies

By Agile Payments on Jun 11, 2018 10:40:02 AM

Checking Account Verification Companies offer tools that enable businesses to verify a checking account is open and in good standing. This service can typically be run in real-time or batch mode.

Businesses that enroll or onboard a new customer in a recurring or subscription based billing environment need to be able to confirm checking account data is accurate and that the customer has a bank account that is both open and in good standing. Checking Account Verification eliminates considerable admin burdens that arise onboarding a new client with non billable data.

Service levels differ with some Checking Account Verification Companies offering basic routing # validation ( bank routing number) to negative database checks. These provide some level of risk mitigation but more insight is available including the ability in real-time to validate the account is open and in good standing. It is important to note a balance inquiry is only possible when the consumer provides credentials that allow access to their specific online banking system.

The ECheck or electronic check world does not have the authorization component present with credit cards. When processing a credit card you are able to ascertain at the time of payment that the customer has the requisite funds on their card and in turn reserve those funds for capture and settlement. In essence-You know you are getting paid.

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3 min read

ECheck Verification Tools

By Agile Payments on Jun 5, 2018 8:52:54 AM

The payments landscape in 2019 requires SaaS applications to utilize sophisticated check acceptance risk mitigation tools.

ECheck Verification Systems and Tools allow a business the ability to significantly reduce check acceptance risk especially in a non face to face environment.

Businesses that enroll or onboard a new customer in a recurring or subscription based billing environment need to be able to confirm checking account data is accurate. and that the customer has a active bank account eliminates considerable admin burdens that arise onboarding a new client with non billable data.

The ECheck or electronic check world does not have the authorization component present with credit cards. When processing a credit card you are able to ascertain at the time of payment that the customer has the requisite funds on their card and in turn reserve those funds for capture and settlement. In essence-You know you are getting paid.

For many businesses no authorization component means that a a ECheck Verification system is needed to mitigate payment acceptance risk.

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3 min read

Real-time Checking Account Verification

By Agile Payments on May 29, 2018 8:40:12 AM

Real-time Checking Account Verification Tools allow a business the ability to significantly reduce check acceptance at the point of sale.

For businesses that enroll or onboard a new customer in a recurring or subscription based billing environment being able to confirm checking account data is good and that the customer has a active bank account eliminates considerable admin burdens that arise onboarding a new client with non billable data.

The ACH or electronic check world does not have the authorization component present with credit cards. When processing a credit card you are able to ascertain at the time of payment that the customer has the requisite funds on their card and in turn reserve those funds for capture and settlement. In essence-You know you are getting paid.

For many businesses no authorization component means that a Real-time Checking Account Verification system is needed to mitigate payment acceptance risk.

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3 min read

Checking Account Verification Tools

By Agile Payments on May 21, 2018 10:40:36 AM

Checking Account Verification Tools: Reduce payment risk from check acceptance

Checking Account Verification Tools offer businesses the ability to reduce check acceptance risk at the point of sale, in person or in an online environment. Checking account verification tools range from an automated routing number check to negative database inquiries options to near real-time insight into current checking account status. Checking account balance validation is possible but this requires either the customer to log-in or provide credentials to their online banking system.

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