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Optional, Integrated Real-Time Check Verification Service
The Most Advanced Check Verification Service on the Market!
Can be used for ALL checks your company receives!
This is an optional service that may be added to your new or existing Vcheck account. Once added, all Vchecks created through our system - new, recurring or for a repeat customer - are automatically screened and verified in real-time - with details of the results kept in the Check Details file.
Additionally, the Virtual Terminal built directly into your Vcheck Control Panel allows you to run the same high-level check verification on ANY check that comes into your business - in the mail or dropped off in your office.
This unparalleled check verification service, provides online, real-time access to positive and negative account information, as well as, check level status. The service identifies items at the point-of-sale which assists in the elimination of potential fraud and reduces the likelihood of returning unpaid items.
What Verifications Are Made?
- Bad routing numbers (i.e., blacklisted TRN)
- Invalid checksums (i.e., check digit algorithm failures)
- Does the account exist?
- Is the account a demand deposit account (DDA)? (i.e., Is the account a checking account?)
- Is the account open and valid?
- Does the account allow electronic debits?
- Has a stop payment been ordered for the indicated transaction?
- Is this a "young account"?
- Does the account have a current non-sufficient funds (NSF) report against it?
To obtain this information and the corresponding responses, the process compares the customer account information against the data in up to four different databases
What Does It Cost?
This 4-Level check verification service will pay for itself the first time it shields you from accepting a bad check. Because this service is provided by an outside service provider, there are additional monthly/verification fees involved in addition to the normal annual fees you are paying for your Vcheck/Checkbind account.
Monthly Fee: Once approved and issued your verification merchantID, username and password, there is a $12.00 monthly gateway fee to have 24/7 access to the service. As mentioned above, every Vcheck that is created through your account will be automatically verified and the Virtual Terminal allows you to verify any check that comes into your business.
Per Verification Fee: In addition to the monthly gateway fee, each verification cost .32 (32 cents). This includes the full 4-level verification.
While the service has been fully integrated into the Vcheck system, the monthly gateway and verification fees will be charged to you directly by the service provider.
The Service Provider for Our Check Verification Service Will Not Provide Service for the Following:
1. Outbound Telemarketing
2. “Get Rich Quick Schemes"
3. Merchant offering prizes, sweepstakes or contest to induce sale
4. Lotteries, gambling, internet gaming, contest or sweepstakes
5. Sports forecasting or odds-making
6. Chain Letters
7. Non-Face to Face sale of prescription drugs
8. Sale of tobacco or alcohol products
9. All sexually oriented or pornographic merchants
10. Any illegal products/services
11. Massage parlors
12. Money transfer services
13. Merchant Aggregators
14. Escort Services
15. “Hype” Products/Services
16. International Merchants
17. Membership Organizations over 12 months
18. Off-Shore Corporation Establishment Services
19. Third Party Processing
20. Fortune Tellers
21. Drug Paraphernalia
22. Adult Entertainment (all)
b. Dating Services
c. Phone conversations
d. Topless Bars
e. Internet sites or Video text