Do you have an online business or collect payments via phone?
If you operate an online business or collect payments by phone, you might be apprehensive about accepting check payments. While this is a common practice, many merchants do not have a way to verify the check details of new or even returning customers. This leaves many unanswered questions that raise the level of risk:
- Is the routing number correct?
- Is the account open and active?
- Does the customer have sufficient funds available to cover this transaction?
Manual Check Verification is Tedious
You can spend a large amount of time calling banks and verifying routing numbers,only find out that you can’t get access to the information that you need. Because they wish to protect the privacy of their customers, many banks have policies against giving verification information by phone.
Use GFC Financial’s Check Verification Service
Our proprietary system uses information from various checking account and bank account databases to weigh the probabilities of NSF Checks, Closed Accounts, and other potential return reasons. We then use this information to create a concrete response of “Approved” or “Declined.” A “Declined” response would simply mean that there is a high probability of the check returning.
Our Check Verification Service Can Save You Money
Our cost-effective check verification solution helps you cut your returned checks by up to 90%. Imagine the returned check fees you could avoid! Your customers will also be happier, as even they may not know a problem exists until it might be too late.
How Does Check Verification Work?
Before a transaction is submitted to the participating bank for processing, it passes our vigorous verification processes. Such processes may include negative check database lookup, fund verification, or account verification. At times, to prevent fraud, we may help you verify your customers’ orders.
Let GFC Financial take care of your Check Verification Payment Process so you can focus on your business.