Check and Account Verification Service
Have you ever wondered what type of check service most of the major retailers in the malls use to protect themselves against bad check losses then you have come to the right page. Over 80% of them use a check verification service. They use check verification to stop upfront the habitual bad check writer from attempting to make a purchase in their store by first checking the negative check writers’ database to see if that individual is in there. With our outstanding low cost check verification service, you as a small, medium, or large sized retailer are welcome to utilize the exact same database as the national retailers.
Through our partnership with the ArJay Data Bank Network and Check Verification service you will have access to the nation’s most powerful check databases which contains known bad check writers which includes over 13 million current unique records reported by over 71,000 contributing locations from across the country. ArJay Data has been providing this service for over 20 years to over 100,000 retail locations.
When you join the Bank Network, in addition to accessing data provided by other merchants, you will have access to the best available data regarding the actual bank account. The bank network will confirm whether the account is open/closed, overdrawn/positive balance, any current stop payments, as well as any reported lost/stolen checks from the account. All in a matter of seconds.
Wouldn't it be great if you could reduce your risk of accepting a bad check by knowing that your customer has already bounced a check someplace else and has not made good on repaying the merchant. This service cannot prevent first time bad check writers from purchasing in your store however it has been successful in cutting bad check losses by up to 75%. We estimate that you are likely to save $3.00 in loss prevention for every $1.00 spent on verifying checks. Those are pretty good odds. It is like saying for every $1.00 lottery ticket you buy you are likely to win $4.00.
How the Check Verification Process Works
When accepting a check at the point-of-sale, you will use a check reader or designate one of the keys from your existing credit card terminal or electronic cash register (ECR) to dial into the database either over the phone lines or via the Internet to verify that the check writer is not in the database. Your check reader will either read the Full MICR (check writer's bank routing and account numbers) plus the driver's license number and state code. In as little as 8 to 10 seconds, the database responds with an "accept" or "decline" message. If the check is accepted, the sale completes as usual; if declined, the merchant requests another form of payment. In addition, you will have a supply of "decline" pads which allows you to tear of a little piece of paper to give to the customer with a toll-free number for the customer to call themselves to find out the reason for the decline and how they can resolve the problem. You are not involved in this process. In addition, toll-free technical support is available to you when questions might arise from either you or your employees.
What Equipment do you recommend?
The ArJay Data program supports a large variety of popular check scanners, check imagers, smart phones, and your computer. If you already own check service equipment then just let us know the model and we will let you know if it is certified.
However, if you do not currently own a check scanner or imager then we highly recommend the Digital ChexPress CX30. This MICR-enabled check scanner combines accuracy and reliability with an affordable price. Having the exact same features as units costing several times more it brings bank quality and durability within reach of small and medium-sized businesses. We want you to be able to purchase it for the best price and as such we recommend that you purchase it on Amazon for a price around $350.00.
In addition to the option of using a check scanner attached to your PC we offer several other excellent options:
Access the database from your phone by dialing an automated 800 number that is available 24/7. There is no additional charge for this option.
Utilize an IVI Check Manager 3000 which is a standalone check reader. This unit is no longer manufactured however they are readily available on sites like eBay. We can program one for you over the phone.
For larger businesses we can provide a web API that your developer would code to in order to access the database.
Once you submit your completed application one of our inside sales consultants will ask you which method of processing you prefer and will then setup your account accordingly.
What is my Cost for Check Verification?
Per Check - 20 Cents
Monthly Subscription Fee - $25.00
Annual Fee - $95.00
This is very little for the peace of mind of knowing that you are reducing your up front chances of accepting a bad check by as much as 75%. Turning down just one potential bad check per month or quarter can justify the cost of this service for an entire year.
Yes – There is More – You can also become a Contributor!
In the recent past only the largest national retailers and banks had the ability to add bad check writers to the negative database which is known as being a Contributor. Now through a special arrangement AJjay Data can also permit small and medium sized retailers to also contribute as long as they are just a little bit computer savvy and also responsible. That is because to contribute a bad check you must provide some very minimal documentation of the sale via the Internet and also commit to submitting the form to take them out of the database in a timely manner should they make good on the NSF check that they wrote in your business. What this essentially means is that the bad check writer will not be able to use a check in one of the member retailers and possibly not able to open a new checking account in a member bank until they make good on paying the NSF check plus the state allowed bounced check fee to the network. To be a Contributor the fee for you is only $10.00 per month. Tell us when you sign up for the service if you want this Option and we will include the Contributor Agreement.