FEATURES:
·
Access to over 145 million consumer dda accounts
· Verifies Account Status: Open, closed, frozen, or
in a negative balance
· Contributing Financial Institutions from Bank of America to
Wells Fargo
· Transactions completed in seconds
· Available for use with any of our on-line solution
· Easy to use! link up once and it's ready
to go!
· Alerts you to suspicious account
activity
· More than Web-based: link via leased-line, VPN
or SSL TCP/IP connections
BENEFITS:
·
Risk Management - effectively
reduces transaction losses
· Accuracy - mirrors the FIs records with daily updates
· Shortened Risk Window - immediate
risk assessment without returned item
· Protection - effective solution protecting your
bottom-line
· Accept More Checks - greater confidence because
of reduced risk
· Improve Your Bottom Line - less expensive the credit
card discount rates
ATMVerify™
is your check acceptance supervisor. Our computerized system
constantly monitors check activity at your locations, while following
your customized parameters. For example, you decide how many checks
you will accept from any location, employee or staff member. And you
decide if they have refund privileges or what amount requires a supervisor
OK.
At its heart is a constantly updated record of your customer's check
writing information, generated in real-time from our national database;
an integral part of any fraud prevention strategy. The timeliness
and accuracy that ATMVerify™
provides establishes a true standard in payments protection.
Frequently
asked questions about this product
How
much does the service cost?
The ATMVerify™
service is charged on a per transaction basis with no monthly minimums
or lengthy contracts to sign (cancel any time). The per transaction
price varies based on the number of transactions your company runs each
month, but the price should be comparable to what you're currently paying
for your current verification service and substantially less than you're
paying for a guarantee service.
Does this
service work with all checking accounts?
No,
the service currently works with over 145 million bank accounts in the
US, which is by far the most comprehensive coverage that is available
today. The majority of the accounts that the service currently works
with are the large nationally recognizable banks. The list of accounts
and participating banks are growing daily and will soon include all
but the smallest of institutions.
Does
the customer have to enter a PIN number?
No.
The service works completely off the information that is read at the
bottom of your customer's check.
What
kind of information can be obtained from an ATMVerify query?
Not
only can you confirm that account exists and has positive funds, but
you can also determine if the check being written has a stop payment
on it, if the account has been closed, if the account has been frozen
or attached, or if the bank has flagged the funds in the account as
uncollected.
Can
the funds be reserved or debited real-time through the ATM network?
Yes
and no. While the legal framework and technology is available for this
to happen, there are only a few banks that have completed this portion
of the integration (BB&T being the most notable). Once the majority
of the financial institutions that are scheduled to come online have
completed their integration (most are expected to by April of 2002),
we will begin offering that service.
Does
the check writer have to be present, or can the service work for mail
order or Internet based transactions?
The
service is available for all methods including retail, mail, telephone,
fax, Internet, etc.
How
long does it take to get a response?
The
transaction should take about the same time as a credit card or other
verification service. The norm is well under six seconds averaging around
2-3. The total time varies based on whether you are using a dial-up
connection or high-speed connection.
What
methods are available for connecting to the ATMVerify service?
We currently support dial-up, frame
relay, Internet and VPN with a variety of software and tools to assist
your integration. For most companies, our SOFTTerminal
program or our VIRTUALTerminal
product offers an easy to use platform for getting started right away.
