Federal Payments offers a comprehensive suite of risk management tools. One of our most powerful prevention tools in the fight against bad check writers is ATMVerify®.
ATMVerify® offers two distinct levels of verification.
At the highest level of verification (Level 1), ATMVerify® is able to verify in real-time, through a direct electronic query to the check writer’s financial institution, if the checking account currently has sufficient funds to cover the amount of the presented check.
At the next level of verification (Level 2), ATMVerify® is able to determine if the account is, as of opening of that business day, an open, valid account with positive funds. If neither Level 1 nor Level 2 verification produce results, ATMVerify® can be set to query one or more of the largest negative databases of known bad check writers.
ATMVerify® can be used at the point of sale, for Web or telephone-based transactions, and a variety of other methods where checking account verification capabilities are needed.
ATMVerify® can be integrated with your existing systems, shopping cart software or any of our software products such as the VirtualTerminalTM, DirectBillingTM or Secure WebPayTM.
In the past, check verification services have been limited to large negative databases of known bad check writers combined with infrequently updated databases of known good accounts. This method of loss prevention has had very limited success as check losses in the United States has steadily increased.
To determine which risk management products are right for your organization please call 866-764-2002 or contact us today.
