CheckVelocity brings you the most comprehensive check verification system available today. You’ll gain online, real-time access to the most current account information so you can decline bad checks before depositing them. That means a huge reduction in bank fees, administrative costs and collection expense, and a better bottom line for you!
With VerifyNow, you can limit your liability on the front end to safeguard your company. Checks are much less expensive transactions than credit cards, but when a check is returned, your costs rise dramatically. Verifying checks in advance makes your payment processing more efficient and more profitable.
You’ll reduce fraud from stolen or forged checks. You’ll thwart customers who try to take advantage of “float” to delay payment. You’ll even stop repeat offenders. VerifyNow allows you to incorporate your own “Do Not Accept” list of bad check writers.
Customers like the option to pay with checks, and our fast online service means you won’t keep them waiting. By verifying their bank account status in real time, you can accept their checks with a smile:
VerifiyNow gives you three levels of protection, using the most current and accurate data to combat fraud and mitigate risk. No other provider offers such thorough triple verification:
Level One: Account and Routing Numbers – if the account or routing number on the check is found to be invalid, the payment is rejected. This screening process stops a very high percentage of payments initiated through the Web or IVR where a customer/subscriber enters an inaccurate number either by mistake or intentionally to delay payment.
Level Two: Negative Account History – a payment is declined if the check writer has a history of writing bad checks and/or still has outstanding debt to you or thousands of other businesses nationwide.
Level Three: Positive Account Status – if the payment clears the first two levels, the account status is verified to ensure it is open, not overdrawn, and there are no stop payments.
Our verification data is continually updated to provide the most comprehensive coverage of checking account information. Data contributed to and shared by CheckVelocity is governed by a well-defined set of Operating Rules. These Rules are approved by financial institutions to ensure the highest data integrity.