ACHQ's Risk Management - service offers real-time check verification capabilities that help you to defend again bad check writers. The verification process in simple. The Speedchex® Verification system utilizes the ATM network to provide real-time verification for merchants who want to determine if a checking account is overdrawn, frozen, closed, in good-standing, existing, etc, before processing a transaction. Checking accounts that are found and in good standing are approved with a POS (positive) result status. Accounts that do not exist or are in a negative standing at their bank are rejected with a NEG (negative) result status. If an account is submitted from a bank that is not part of the Speedchex® Verification network, the transaction is approved with an UNK (unknown) result status.
Benefits of using Speedchex® Online Check Verification
- Access to millions of consumer date accounts.
- Verifies Account Status: Open, closed, frozen, or in a negative balance.
- Works with most financial institutions.
- 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.