The Benefits Of A Real-Time Checking Account Owner Authentication Provider

The Benefits Of A Real Time Checking Account Owner Authentication Provider

Real-Time Checking Account Owner Authentication Providers (AOA) provide a range of benefits for your business, particularly businesses offering recurring billing plans. An AOA mitigates fraud risk by providing your application with instant insight on those individuals or businesses interested in enrolling in said billing plan. 

Moving Beyond Simple Check Verification

Check verification services simply verify the existence of an account, and whether or not it has adequate funds. Comparatively, a Checking Account Owner Authentication Provider actually matches and validates a customer’s drivers’ license numbers, phone numbers, and DOB against the customer’s records at their Financial Institution. 

Common Fraud Scenarios

Imagine a human error in the data entry phase of customer onboarding. Even IF the error is discovered, an employee must spend time and effort contacting the customer to procure the correct data. Unfortunately, the success rate of contacting a customer and getting the correct data is only 5%. 

This process is a major pressure point for the business and customer alike. Many customers interpret such a situation as a reflection of your business’s competency, and can walk away at this point due to distrust or frustration.

Were your business employing a Checking Account Owner Authentication Provider, this problem could have been avoided entirely. Businesses that accept electronic/paper checks, or onboard customers for recurring ACH payments NEED to move beyond the standard “account is open and in good standing” verification service – something an AOA Service can provide. 

Further Benefits

Additional benefits of employing an Account Owner Authentication Service include eliminating the need for account-owner login details, and reducing unauthorized/administrative ACH/check returns, and the reduction of Account Take-Over risks. 

The Bottom Line

With costs ranging from only $0.80-1.25 (with custom quotes for high-volume clients), integrating to an instant AOA Service is valuable for your business, simple, and cost-effective.  Contact Agile Payments to discuss your integration needs today. 

By Jo Smith | 12/02/2021