Merchants processing Push Cheque payments have three options to verify their payments.
Bank Account Verification with the issuing bank to verify the ownership of the specific bank account on which the Push Cheque is drawn. This verification includes the ownership of the account, and that the account is in good standing, and that there are sufficient funds in the account to cover the amount of the subject Push Cheque.
Text Message Authorization confirming with the check writer that they authorized the issuance of the subject Push Cheque. This service does not include the bank account verification service.
NO Verification, the merchant provides their customer’s name, address, email address, and cell phone number, a Push Cheque is created immediately and emailed to the merchant for their processing. With this service the check writer is not contacted, permission is assumed based on the merchant’s relationship with their customer. This service does not include bank account verification or text message authorization.
Before approving a Push Cheque, our processing platform will review its Local Negative Database for negative history based on the Customer’s Number, Bank Routing and Account Number, Cell Number, and email address, any direct match will result in declining the subject Push Cheque. Our processing platform can also (merchant’s option) confirm the Bank Routing, Account Number, and the current balance in the issuing checking account (ABC Test).
Once the Local Negative Database verification is successful our gateway will perform a Velocity Test based on the authorized daily, weekly, and monthly authorized number of transactions and dollar amount. Push Cheque transactions exceeding the Velocity Test limits will be declined. Velocity Test limits can be set specifically on an account by account basis.
Once the Velocity Test limits have been satisfied, for its final test, our gateway will check the National Database into which about 95% of all U.S. banks report both positive and negative information.