Frequently Asked Questions - FAQ - BetterCheck Virtual Terminal

How does this work? What is it?

BetterCheck? includes a virtual terminal that allows you to log into any web browser with your username and password and verify that an account is open, and a check is likely to clear.

Account results are provided for any U.S. checking account that is part of the BetterCheck™ banking network. BetterCheck™ provides ABA bank validation, and the bank's phone number for every 9-digit routing number at no additional charge.

- Batch File Upload from your .csv file
- Web-Link: Text, HTML, XML, https:// post
Web-Link allows you to integrate BetterCheck with your own shopping cart or in-house software.
- Bulk Rate Discounts - More Transactions = More Savings

Using the batch upload, you enter or import your data to a CSV file, or Excel file - you can get a sample file HERE. You go to your terminal and upload the batch, once it is uploaded, you can view it and click PROCESS. This will process all transactions and provide a complete report that you can view, or download, with APPROVED / DECLINED messages, and full banking details.

Using the Web Link, you post the data to our system using your shopping cart, or your own internal system, and our network will send back the response. https:// code is supplied and formats include: Text, HTML, XML. Link Advanced BetterCheck to a web shopping cart, order form, retail system, or any other application.*

What does it cost?

GETTING STARTED: $124.00 complete [$99 one-time setup + $25 deposit]
BetterCheck™ is $99 to set up: including the KYC compliance & virtual terminal configuration.
Plus, an initial deposit of $25 will be added to your pre-paid account balance upon setup.

MONTHLY FEES: $19.99/month plus minimum - NO CONTRACT - CANCEL ANYTIME

VERIFICATION PRICE PLANS: CHOOSE ONE - Plan A-D or E-J
-Two types of volume plans are offered - based on replenishment level or monthly minimum volume:

Pre-set replenishment level
+$10 monthly minimum:

A - $50 -     transaction fee is 50? *
B - $100 -   transaction fee is 49? *
C - $500 -   transaction fee is 44? *
D - $1000 - transaction fee is 39? *

Pre-set monthly minimum volume:

E - 1,000 -     transaction fee is 39? *
F - 10,000 -   transaction fee is 29? *
G - 25,000 -   transaction fee is 28? *
H - 50,000 -   transaction fee is 27? *
I - 75,000 -    transaction fee is 26? *
J - 99,000 -   transaction fee is 25? *

*There is a 1? per item batch fee when you upload a batch of transactions or use Web-Link, as opposed to entering transactions manually through the virtual terminal.

You are not charged transaction fees for verifications that are not listed in the system, although banking data is still displayed if the routing number is valid at no charge.

No Transaction Charge for Non-Participants
$0.01 fee does not apply to virtual terminal transactions

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How easy is getting started.
Getting started is as easy as clicking any of the order links below. Once you have an order number, simply return the KYC billing authorization and complete the FCRA entitlement questions, and your account can be set up within 24-48 hours, or sooner with "Express Account Setup".

Are all banks listed with BetterCheck™?
Most, but not all banks are listed in our system. As the BetterCheck™ Network expands, more and more banks are available each month. Currently hundreds of millions of accounts are listed within the network.

The BetterCheck routing database has a 100% routing number location rate, and routing and bank details are provided regardless of account status. Account location rates will vary depending on your location and the banks in your area or customer base.

Account location rates currently average about 91% [Based on March 2012 network-wide location rate].

Users find that just about every major bank is listed in the BetterCheck™ account information database, as well as many, but not all, local and regional banks. Savings Banks and Federal Credit Unions also provide account information to the network and are growing in numbers.

If the bank is not part of the BetterCheck™ Network, we provide the name, bank phone number, and contact information for the financial institution to you for free.

Does a positive response guarantee funds?
BetterCheck™does not guarantee funds, or hold funds aside. The BetterCheck™system will verify that the account is open and has a positive balance as of the start of business, today. There is no guarantee that funds will still be available the day the check is presented. Optional use of the check number, or exact dollar amount in the amount field, will also allow the system to look for stop payment orders on the item by check amount or check number.

Is the system in real-time?*
The system responds in a fraction of a second to any inquiry. The response is in real-time and is based on the data the participating bank provided about the accountholder as of the start of business, today. Deposits or withdrawals made during the business day will not be reflected in the BetterCheck™ network until the bank's next business day.

Is there a way to process batch files / upload?
Yes, this is a feature available to all BetterCheck users. BetterCheck™ lets you upload a csv file to process batch files of any size. Just upload, click PROCESS and get your answers back in csv form with the response messages right next to the inquiries. The process takes only seconds - even for large volumes.

Are discounts offered for high transaction volumes?

BetterCheck is set up to allow for volume discounts. Transaction fees are based on pre-set minimum replenishment levels or monthly minimum transaction volume:

The lowest price plan for located accounts is 25?. Please see price plans below:

Am I charged for accounts that are not located?
No account information, no charge. There is no charge for bank accounts not listed in the BetterCheck™ network. Most banks are in the network, but if the bank does not offer account information, the routing number will be validated and BetterCheck™ will provide the bank's contact details at no charge, so you can still manually verify funds using the phone number provided.

How are stop payments detected?
When the optional check number is entered in an account verification query and the account is located, the account can be declined based on the check number or amount of the check having a stop payment order that is published in the banks daily stop payment batch file. If you type in the exact amount of the check, the system will also locate stop payment orders based on this criteria. A decline will be provided for Stop Payment but the specific reason will not be given.

APPROVED: This means the account is located in the BetterCheck™ Network, the account is listed as an open, valid account, with a positive balance at the beginning of the business day, and the routing number was successfully validated. Routing and Account Number results are displayed with the Bank Phone Number.

DECLINED: Declined messages are issued when one of the Banks reporting to the BetterCheck Network detects a "Reason For Return," such as invalid or impossible account number, or having an bad routing number. BetterCheck also has the ability to check for the possibility of NSF, stop payment orders, and other common "Reasons For Return," including access to the closed account database.

NOT-DECLINED: BetterCheck will provide a NOT-DECLINED message when the check or transaction has a valid ABA routing number and no positive or negative information is available about the account number. BetterCheck will display the Bank's Phone Number and address for all NOT-DECLINED responses, and you will not be charged for these transactions.

Detailed messages can be retrieved via your actual virtual terminal.

Who provides this service?
BetterCheck™ is a product from yourfavorite.com. Yourfavorite.com has been providing software to the payment industry since 1996. Yourfavorite.com publishes CheckWriter™ brand check by phone software, as well as RoutingTool™, the routing number verification software, and 123ACH, the electronic fund transfer virtual terminal for ACH. Software published by yourfavorite.com is used by all 100 of the Fortune 100 companies for 2012.

Try a FREE BetterCheck™ Demo: Click Here

Place an order for BetterCheck: Order Here