To Detect Fraud and Errors
The financial safety of every merchant who accepts checking account
information for payment by phone, fax and Internet orders – and every processor
of such payments – depends on the accuracy of that information.
Here are the possible errors that can prevent a check from being accepted by any
bank’s Optical Character Reader, causing rejection of the transaction by the
bank and a loss to the merchant:
- Customer or clerk error in reading the account number
- Customer or clerk error in reading the routing number
- Omitting numbers, such as zeroes
- Taking numbers from a statement instead of a check
- Taking numbers from a deposit slip instead of a check
- Taking numbers from a canceled check
- Taking numbers from a check issued against a credit card account
- Including symbols from the MICR line instead of just numbers
PREVENT LOSSES
We can screen all your customers' checking account
numbers before they are processed in order to correct errors so that the checks will
be accepted by banks.
We will tell you if the check data is fraudulent so that you can abort the
sale to avoid losing your product or service and your money.
Our screening service can be vitally important not only to merchants, but also to
processors, including EFT / ACH (Electronic Funds Transfer) services, who
generally do little or no screening of the check information provided by their
merchants. This is called “Data in, data out.” Unless the data is in the proper
format, bank by bank, routing number by routing number, the electronic
transaction will be rejected. Up to 40% rejects of electronic transactions
have been documented.
Before sending your check files for processing, transmit them to Fraud & Theft. We will
provide you with our totally secure transmittal system for easy transfer of
data.
We will scrub, flag, repair and return the data to you the same day we receive
them for a tiny sum per transaction.
Your savings can be substantial. No one else is able to do the thorough
screening we provide for every check used as payment for your products or
services.
PLEASE CALL US AT 561-737-8700
FOR OUR CHECK DATA SCREENING RATES.
