When onboarding new customers to your business, risk is everywhere. Between needing to validate the authentic ownership of that account, validating the bank balance, going through account history and historic repayment, and simply checking that the bank account is in good standing, a lot can go wrong.
That’s why Instant Bank Account Verification could save you time, hassle, and risk — particularly for companies or organizations that operate ACH-based recurring payment plans. We’ll show you why in this article.
How Does Instant Bank Account Verification Work?
As a customer interacting with a new business, you’re redirected to your bank login through a pop-up or lightbox. Upon logging in, the business can piggyback this, and through an API pull the account data of the customer, thereby being able to validate the bank balance of the purchaser.
This is where Instant Bank Account Verification operates and is useful. If your business doesn’t …