Accepting electronic payments has become commonplace across all industries, including small businesses, landlords, and loan providers. Authenticating account owners and verifying these transactions – especially high-value transactions – is critical to minimizing fraud losses and protecting customers whose accounts often become targets of fraud attempts. Online services that verify account owners and bank account status are critical to securing payment platforms and offer a multitude of benefits for your customers and your organization.
Make Customers Feel Secure
Almost 66% of surveyed consumers reported that they appreciated security protocols when making transactions online, as they felt they were protected from fraud. Although customers may have to go through a few more steps before making their payment, they will appreciate knowing their information is secure. With data security breaches regularly in the news, consumers are taking every Internet step with a bit of caution.
Provide Real-Time Verification
When your business uses online services for bank account owner verification, you get instant results for the customer and for yourself. In addition to verifying the status of an account, the service verifies the account owner’s information you have, which may include their name, address, and birth date. This gives your business information that can be used to make a decision about whether to proceed with the transaction. For the customer, they are able to be instantly verified. Check verification systems are especially useful for consumers, as they can instantly know if their check was accepted or declined.
Prevent Fraud
While a business can manually perform a bank account owner verification by contacting the bank directly, a real-time service designed to do so is more time-effective and more secure. Online systems may be able to check the banking history of a customer, making them much more adept at catching fraud than a simple call to a financial institution. Since the introduction of the microchip on credit cards, it has been harder for people to counterfeit cards. Potential account hackers have turned to new account fraud tactics, which involves their stealing all of a victim’s identity information so that they can open a seemingly legitimate account in their name. When you call a bank to verify an account holder, they may not be able to catch the identity theft because the theft may not be readily apparently in the account records Real-time services can dig deeper and stop fraud before it happens.
Online shopping is the go-to purchasing method for consumers across the world, but many are starting to take the time to check the security of the website they are using. Let customers know that they can trust your business by investing in real-time account status and ownership verification services today.
