A service used to verify that a checkwriter and/or their checking account information is valid, and/or the account is in good standing.
An online authorization service that allows merchants to query a database to determine if customers have a history of returned checks. Merchants may also add checks that have been returned for non-sufficient funds (NSF). For large national retailers, the service provider may load a checklist into the merchant’s system. Check verification service can be combined with a check guarantee service. See also Check Guarantee.
A service accessing customer and/or account databases through a point of sale system and/or by phone to verify or authorize that the check writer and/or checking account information is valid and/or in good standing.
A risk management process that verifies the trustworthiness of an electronic check transaction against an extensive high risk or bad check database.
A system providing merchants with varying degrees of insurance against bad check losses by verifying the authenticity of the check and/or its presenter by using a check processing organization. CLOSE BATCH The process of sending the batch for settlement.
A service provided in which a merchant accesses a national negative file database through their terminal/register to verify or authorize the person has no outstanding bad check complaints at any of the member merchants. This is not a guarantee of payment to the merchant.