Why verify a bank account?
One of the biggest benefits of accepting a paper check or processing an ACH payment is its cost. ACH transactions can be processed for a fixed rate cost while credit card interchange rates are based on a percentage of the total transaction amount. That lower cost is offset by the risk of accepting a transaction that may return unpaid.
Account Verification Services:
Available through the iBankRegistry online tool or Web Services, Lyons Commercial Data Account Verification Service uses a combination of real-time account verification and proprietary data to help you reduce the risk of accepting a transaction that may return unpaid. It works with U.S. checking accounts for transactions denominated in U.S. dollars, and provides substantial financial benefits:
- Decrease returns by 50 or more percent
- Identify risky clients
- Accelerate funding
- Maintain a better clearing house relationship
This cost effective solution can pay for itself by providing you with fresh actionable information on the majority of checking accounts in the United States. Most of the data is based on previous day account updates.
For details and pricing information please request more information.
To reduce the number of administrative returns entered in the ACH Network, NACHA compliance requires companies originating ACH transactions to verify routing numbers for WEB and TEL ACH transactions.
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