Instant Banking Verification

Verify account ownership quickly and easily to reduce fraud and minimize risk.

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    How Instant Banking Verification Works | Transcend Pay

    How Instant Banking Verification Works

    Before your business can start sending and receiving electronic transfer payments over the ACH network or through other transfer rails, you need to confirm that funds will be moving to and from valid bank accounts.

    Funding source verification ensures that these accounts are legitimate and owned by the person who claims to own them.

    Completed in a matter of seconds, instant banking verification validates that an account is open and in good standing while also verifying the account’s current balance and transaction history. This unique snapshot is essential for underwriting and reporting purposes while also protecting your business from a variety of risks.

    With instant account verification, you can ensure that customers have provided the correct banking information and are not engaged in fraudulent activity. Transferring funds between verified accounts minimizes the chance of costly returns and reversals that could endanger your merchant account status with the ACH network or other lender networks.

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    How Instant Bank Account Verification Works | Transcend Pay
    Instant Bank Account Verification | Transcend Pay
    Why Instant Banking Verification Matters For Your Business | Transcend Pay

    Why Instant Banking Verification Matters For Your Business

    Today’s businesses need flexibility when it comes to sending and receiving payments. That means having the ability to access as many payment processing options as possible through versatile merchant gateways. But in order to utilize all the options at your fingertips, you’ll need to authenticate the bank accounts you’re working with to avoid fraud and minimize risk.

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    Faster, More Complete Validation

    Account validation is traditionally performed by sending microdeposits to an account and then waiting to see if a “bad account” notice comes back in return. This process could take as long as three days and only verifies that the account information is good. To learn whether or not the account actually belongs to the person presenting the information, verification had to be performed by contacting the bank directly through a complicated and time-consuming manual process. With instant verification technology, you can get all of that information and more within a matter of seconds to keep your business moving forward. 

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    Fraud Protection

    No one wants to find out that their business is sending payments to a fraudulent account. With instant banking verification, you can rest easy knowing that you’re transferring funds to the proper recipient. Minimizing fraud keeps the number of return and reversal requests low, which helps you stay well below ACH return thresholds and avoid excessive chargebacks.

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    Enhanced Risk Assessment

    Worried about a borrower’s ability to repay a loan or a customer’s ability to make recurring payments? Instant banking verification provides underwriters with a unique snapshot of an account’s status, helping your business to assess risk more accurately. By verifying an account’s current balance and its transaction history, you can create a more accurate picture of a borrower’s ability to meet loan obligations or whether your high-risk business will have difficulty collecting automatic payments from a customer. Better information translates into better decisions. 

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    The Benefits of Instant Bank Verification

    Today, anyone with a cell phone or credit card in their pocket expects instant gratification. With so many convenient ways to pay or borrow money in person and online, customers believe that the payment and lending process should not only be easy, but instantaneously fast. If you've ever raised your eyebrow at a malfunctioning POS device or a credit card payment that's taking more than a few seconds, you know what we mean.Generally, businesses today are expected to make financial decisions instantaneously when it comes to their clients or customers. Forget about waiting days or even hours -- people expect a quick turnaround and a seamless process, especially online or via digital payments. Any sort of snag or problem is met with disbelief and derision from the customer, and it might even send them off to your closest competitor or block you from repeat business. The one-click purchasing option pioneered by Amazon may only be a few years old, but it's now the standard. Get with it or get out of the way -- or so it seems. 

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    Why Is Instant Bank Verification Important?

    While credit cards come with built-in security protocols and other authorization requirements, ACH transfers and eChecks don't. That means unlike credit card processing, which gives an approval or denial before funds are taken, a simple ACH transfer or another type of recurring payment won't be accompanied by a green or red flag, so it's hard to know that you're actually getting paid until the transfer has been authorized. But in the time between, you could inadvertently ship, give access to goods and services or authorize a loan that you shouldn't. Enter instant bank verification. With instant banking verification, you'll know instantly whether a charge can be funded, reducing the likelihood of payment collection errors such as insufficient funds, a closed account or other challenges. In this sense, instant bank verification mitigates your payment acceptance risk. Instead of automatically processing ACH and eCheck payments and waiting for days to see if they go through, you'll be able to verify credentials immediately without delay. Instant bank verification is also better than Same Day ACH that could still take the better part of a day, and it's still miles better than accepting a voided check or risking user error when manually inputting banking information into your payment system.

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    How Instant Bank Verification Helps Streamline Your Payment Processing

    Due to the expectations of most people today, an unexpected delay in onboarding, processing a payment or verifying a loan can mean the difference between landing that new customer or client and waiting for the next opportunity. If you have a three-day delay before you can process a payment, nevermind kicking off an onboarding process or organizing your shipping, you risk starting things off on the wrong foot -- assuming the payment even goes through in the first place. With instant bank verification, you'll be able to get rid of payment delays by posting transactions quickly and securely, all while minimizing the risk of that data getting into the wrong hands. Instead of gathering supporting documentation and wasting days and weeks on prospective transactions, you can know up front whether the transaction makes sense due to a better grasp of the overall financial picture, as well as a reduction in time spent chasing down details and dealing with bad transfers and loans. On the service side of things, you can expect shorter checkout times and more accurate processing, which can help you build and maintain a customer base that expects no hang-ups during the payment transfer process.

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    Misconceptions About Instant Bank Verification

    Some businesses think that instant bank verification is yet another layer upon an already convoluted payment processing process. They may believe that instant banking verification may lead to more fraud and chargebacks, or there may be concerns about the validity of information or protracted approval periods. But all that couldn't be further from the truth. In fact, instant bank verification makes payment processing more straightforward and easier for everyone involved. It's also more comprehensive since it looks at credit history in addition to a credit check and other up-to-date financial information to paint a complete picture of the customer before going to verification. At the verification level, the go-ahead is actually provided by a third-party, which alleviates and reduces your approval risk. By ditching all that paperwork for a streamlined process, instant bank verification gives lenders, service providers and other businesses the ability to process payments faster and with less manual oversight than ever before. That means you can spend less resources on whether something is a good fit and instead put that towards getting out there and earning more business.

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    Who Needs Instant Bank Verification?

    If you operate in a high-risk industry or you've been deemed a high-risk business due to recurring payments, high monthly volume or high average costs for goods or services, instant bank verification can reduce the time you spend on verification for any sort of credit or borrowing decision. By accurately and quickly verifying banking and payment history, instant bank verification reduces the burden of decision making and tricky compliance issues throughout the entire payment processing process. It can also help you reduce fraud, protecting your business interests as well as the financial interests of your clients and customers. For lenders, instant bank verification goes beyond credit reports and other publicly available information. By checking income, account balances, loans and other financial obligations, instant bank verification synthesizes the borrower's ability to repay the loan, allowing you to make the right decision in an instant before you move forward. With more tools at your disposal, instant bank verification allows you to make important lending, leasing and crediting decisions, regardless of industry. In fact, instant bank verification allows businesses of any size and industry to minimize their risk and maximize the good financial decisions over the bad.

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    Upgrade Your Capacity With Instant Bank Verification

    With Transcend Pay and instant bank verification, you get an all-in-one payment processing system that helps you process payments, approve loans, deliver funding and issue eChecks easily and seamlessly. With no high reserve requirements or steep escrow fees to worry about, you'll be able to achieve greater profit margins and get back to growing your business. Contact us to start saving today!

    Transcend Pay Instant Banking Verification

    Our revolutionary payment processing technology allows you to conduct funding source verification quickly and easily for both low-risk merchant accounts and high-risk merchant accounts. Whether you’re using our dedicated merchant gateway portal, integrating your existing payment system with our robust API, or installing the Tpay portal on your website, Transcend Pay has the payment processing solutions to make account validations easier than ever.

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    • Get a complete overview of an account within seconds.
    • Validate that accounts are open and in good standing. 
    • Confirm account ownership to minimize fraud.
    • Get a complete transactions history within seconds.
    • Validate account balance to avoid costly returns.
    • Evaluate account history to minimize risk.