Check Verification Company -
Looking for a check verification
Is a check verification
different from a check guarantee company?
How does check verification
work with BetterCheck?
What is factoring? Why don't banks verify funds?
BetterCheck is a check verification company for businesses. The
validates the actual bank account status as of the beginning of the
business banking day.
When evaluating a check verification company
you can calculate your savings or expense very quickly by counting
how many checks you process per month, and how many of them bounce.
Not all check
verification companies are the same. The term check
verification is often used broadly. All check verification companies
have unique information.
Check verification should not be confused with check guarantee,
which is a very different service. It is also not the same as
systems that check a negative database and require driver's license
BetterCheck is a check verification company that uses the
Routing Number, the Account Number, and optionally the Amount of the
Check and the Check Number to determine if the checking account is
real, if it is open and if there are positive funds in the account.
BetterCheck is true check verification because it does not involve
the identity of the account holder, it only bases the response on
the current status of the account.
Based on the
Routing Number BetterCheck determines if the check actually comes from the bank that is
stated on front of the check or draft. If it is a for an ACH
transaction, the ACH phone number is provided.
Check verification will
provide the name, address and phone number for the bank the check is
drawn upon, if the routing number is valid. Check verification
systems can be useful for ACH debit verification as well as check
Some services require a driver's license
number or some other identification which then runs the person or
individual against the negative check database of people who pass
This type of information can be useful, but can prevent many people
from being approved if they had just one problem in the past.
BetterCheck lets you know if the check
is likely to clear TODAY. Why turn down a good check just
because someone bounced a check at the supermarket 5 years ago?
Checking account number positive verification will determine, is the
actual account and open and active account? Is there a positive
balance listed on the account as of that day? Are there any holds or
limits on the account?
Why is there no company that can offer funds
verification for exact dollar amounts during a
One reason is that new bank privacy policies prevent the banks from
disclosing this information to anyone except the account holder.
While it is not the law that dictates banks cannot provide account
balance details on customers, more than 90% of banks have issued
such privacy policies voluntarily citing the Fair Credit Reporting
One reason for this is literally to protect consumer privacy, but
others speculate that banks make quite a bit of revenue from bounced
check fees on the business and the consumer side.
Banks that offered "merchant funds verification" by telephone until
2003 found that with automated systems, or live operators
merchants, collectors and fraudsters alike could narrow down a
balance using a technique called factoring.
Banks also set up check verification
capabilities for businesses and corporate clients who can also
maintain the same level of confidentiality that is required in their
own privacy policies. Qualified businesses can get check
verification systems like BetterCheck after agreeing to these
privacy policies and proper use as defined in the Fair Credit
BetterCheck is a check
verification company that offers the very best and most
comprehensive check verification in the industry.
Unlike check guarantee companies that base their decision on the
customer's check writing history, BetterCheck uses the actual status
and information about the account that day.