When you offer electronic payment transaction, you are exposed to risk such as fraudulent payments or use of unfunded e-checks. These risks may put your business in peril because you may incur large transaction losses which could affect your financials. You can effectively reduce transaction losses and boost risk management capability by using electronic check verification technology. If you are going to accept ACH payments, then you can use the ATM Verify system to minimize transaction risks.

Check verification using the ATM Verify system works in real time. This means you can instantly determine if the checking account is valid and has funds available. The reliability of electronic check verification is guaranteed especially if your businesses accept ACH check payments. The verification system harnesses the wide network of banks and financial institution that utilize the ACH payment processing method. By simply integrating the ATM Verify check verification system into your payment processing methods, you can effectively reduce risk faced by your business. That is because you can instantly verify the integrity of the check before accepting it.

The procedure used for electronic check verification is very simple. All you have to do is to input the banking information provided by customers on your ATMVerify. For example, if you are offering ACH payment processors in your ecommerce site or as part of your payment collection system, the customer will provide banking information for you. You can now verify the account before you proceed with the actual payment transaction. This step provides you with an easy and convenient method to avoid fraud and bouncing e-checks. Verification works in real time which means instant and accurate information can be generated by the verification system within seconds.

The verification system has three levels of alert. Once you input the information of the customer account in the verification processor, the system will notify you whether the account is positive, negative, or unknown. A positive alert tells you that the customer has an existing account in good standing and that the e-check bank account has funds. A negative alert means the account is non-existent, not funded, or currently in bad standing. This notification will enable you to decline the payment thus saving you from the transaction cost that will be charged against your account. An unknown status means that the account of the customer is not included in the verification network. So, you can encourage your client to enroll the account in the system.

Businesses lose a lot of money from failed transactions. Every time you use your electronic payment processor, your account will be charged with a transaction fee. If the transaction fails, then you lose money in the process. That is why if you are going to accept ACH payment processing system, you should use its check verification technology in order to reduce losses and minimize the risk to your business. This is also the reason why the check verification system can also be considered as your tool for effectively managing transaction risks.