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04-06-2021, 10:14 AM #12
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,941
Check Verification is Called IBV - (Internet Balance Verification) which is actually a 3rd party software integration.
Your merchant is prompted to log into their Bank Account, which verifies routing, account #, there is a positive balance (it does NOT disclose Bank Balance)
at that moment for the check to clear. ***The check still could be a NSF !!!
Keep in mind all of these systems, Genie Check and my friendly competitors, these checks are NOT Guaranteed.
**Check Guarantee is a service that is available for an additional fee from certain providers.
As an example, ACWorks, it takes about 5 days for funds to actually deposited into your bank account.,
The utilize a "Settlement Account" which provides protection against NSF/Return to Make, etc. checks hitting your business bank account.
ACHworks provides a report of how many checks cleared and what was returned & why
https://www.vericheck.com/ach-return-codes/Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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