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Personal FinanceUnderstanding the Specific Features of ATMVerify |
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Understanding the Basics of ACH Payment Processing System It is a known fact that an online merchant that provides fast, easy, and automated payment processing method will perform better than competitors that do not have convenient online payment methods. Customers tend to prefer merchant sites that enable them to quickly initiate and finish payment transactions without much paper pushing or check... Read more
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ATMVerify is a proprietary check verification application that can be used on the ACH processing network. Any merchant using the ACH electronic payment processing solution can greatly benefit from this e-check verification tool. You will be able to integrate ATMVerify with other payment processors on the ACH network. You can use this tool to accurately verify issued e-checks before you accept them as payments for actual purchase of products and services.
ATMVerify utilizes the database of participating banks, financial and credit institutions on the ACH payment processing network. The database consists of millions of individual accounts enrolled in participating financial institutions and companies. That is why you can quickly verify an account in real time by using the ATMVerify tool. Your ACH processing solution therefore will be safe from bad accounts and problematic e-checks. Because of this effective check verification tool, you will be able to significantly reduce losses from failed electronic transfer. Risk exposure of your ACH processing solution therefore is minimized.
ATMVerify offers several useful features. Specifically, the check verification procedure can be accomplished in less than two seconds. You can also use its batch verification mode if you have large volume of e-checks to verify. Simply utilize its batch mode tool and the system will automatically generate information for you on different check status and account standing. There are also two levels of service features available on ATMVerify. The first level includes a growing list of participating banks and financial companies and will allow you to perform real time check verification. The process is fully automated so you can quickly identify frozen accounts, bogus and non-existent accounts. The second level feature is updated daily and can identify open accounts on good standing.
By utilizing the check verification tool of your ACH processing solution, you can instantly deny checks coming from dubious sources. You can also easily identify good checks so you will not turn away customers who are utilizing your ACH processing. The system will send alert notification for you once you entered the data of an individual account. After a few seconds, the verification system will identify if the check is valid and funded by a participating bank. On the other hand, a negative alert means you have to deny the check issued by a customer. This check verification has a direct impact on the speed of your product and service delivery. If you can quickly determine the authenticity of the account, then you can immediately ship the product ordered by a customer.
Accepting electronic fund transfer through e-checks has some risk. Some merchants who cannot quickly verify an e-check usually lose money on failed transaction. But if you have a reliable check verification tool for your ACH electronic payment processor, you will be able to avoid such losses. In fact, use of ATMVerify can boost your business because you can quickly accept good checks and turn away bad ones. Such capability can improve your cash flow and increases the profitability of your business.
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Learn how to use the ATMVerify to improve the risk management capability of your business. Visit our website today and see how you can benefit from ACH processing solution.
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