If you want to succeed in the business world, regardless of the size or nature of your company, you need quick check verification. Why is it so? It is because your company’s bottom line determines your ability to stay in business. The company will not be able to fulfill the deadline if it continues to incur inadequate costs. Therefore, returned check fees are no longer an unnecessary expense in today’s world. So, how can you make use of the plethora of new technologies that enable this? Well, an electronic check verification infrastructure can be a beneficial tech revolution for your business in the modern global economy.
Instant check verification is a process of finding new accounts and establishing recurring payments. It allows businesses to quickly determine whether a customer’s source of cash is legitimate. The process may be referred to as “onboarding” by one company and “account opening” by another. In either case, it’s about a customer who wants to develop a connection with a company, open an account, or use a financial product that requires account verification to finance.
In the same way, rapid account verification is for someone who already has a relationship with a company and wants to deposit money into it.
A customer, for example, would desire to transfer funds from a certain bank to the other. They’ll almost certainly wish to do so with immediate account verification. Some concrete examples of use cases are setting up verification for recurring payments, merchant payments, and bill payments. Instant check verification saves money on processing costs and speeds up the process in all of these scenarios.
There are several simple and economical electronic check verification solutions available today. They usually work through banking apps that connect directly to the customer’s bank account and warn the retailer if there are insufficient funds for the customer’s transactions to take place. This verification technology is mostly interspersed into retail and grocery store point-of-sale (POS) systems, but most POS systems already have it.
Companies that provide e-check and automatic clearinghouse (ACH) solutions benefit service-based enterprises’ cash flow. An electronic funds transfer is known as an e-Check (EFT). Payments are processed through the automated clearing house network with an EFT. The money is electronically deducted from your customer’s account when you get an e-Check.
The money withdrawn from an account is sent to the bank via ACH. The money is electronically put into your account once it arrives at your bank. E-checks differ from paper checks in that they previously had validation to have the funds required for the transaction. Within 24-48 hours of the money validation, they usually are available to retailers.
One of the most secure financial transactions a company can do is check verification. Unfortunately, for business owners, check fraud is a constant problem. In the United States, checks account for 51% of all corporate payments. When paper checks are applied, 71 percent of firms report genuine or attempted bank fraud. With such a high percentage rate, it becomes critical for businesses to have a strategy in place to combat check fraud. Instant check verification provides a verified audit trail that is simple to set up and utilize.
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