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.
NACHA compliance requires companies originating ACH transactions to verify routing numbers for WEB and TEL ACH transactions.Learn More
- Decrease returns by 50 percent or more
- Identify risky clients
- Accelerate funding
- Maintain a better clearing house relationship