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CHECK VERIFICATION
EFT Direct offers an excellent verification system using one of the
best negative check databases in the United States. The verification allows merchants
the ability to predetermine their check acceptance policies. This system permits merchants to
set the parameters that determine the risk and the amount of
liability they are willing to extend to their check writers.
Benefits:
- System utilizes both positive and negative
databases
- Negative database reflects known bad check writers
- Positive database accumulates positive information on repeat customers and
uses it to detect unusual check writing activity on accounts. System has a
primary goal of preventing fraud
- New customer ID is required only once. Besides the check account number,
up to four forms of identification can be entered:
- Driver's License
- Social Security number
- Store Courtesy Card number
- Military ID
- Parameters determined by merchants:
- Number of checks accepted per customer per day or per week
- Total amount of checks accepted per customer per day or week
- Maximum check amount per transaction
- For example, a check writer who has previously written two checks for
up to a predetermined amount, i.e. $50.00, in a given day will be declined.
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