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How Does Check Verification Work? |
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Speedchex Verification System |
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Speedchex Verification is a System that goes beyond check verification. With access to the single largest source of account information in the world, Speedchex Verification offers the most powerful, accurate and robust verification system available.
With Speedchex Verification merchants can now determine- virtually in real time- whether the account is currently overdrawn, frozen or closed thus ascertaining whether a check is likely to be returned.
Speedchex Verification can help eliminate returned items by verifying if checks are drawn on closed or overdrawn accounts or inaccurate ABA routing or account numbers provided.
Benefits of using Speedchex 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.
Call us toll-free today
on 1 866 608 8640
(
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for a free telephone consultation about the benefits of real time check verification.
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Speedchex Verification Response Codes |
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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. |
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