Not all bank verification solutions are the same, they might not even have the same function. If your business is using ACH transactions, odds are you are utilizing some sort of bank verification solution. Verification is a term thrown around casually to describe products that perform various functions, such as to confirm a bank account’s status, affirm balance, authenticate reputation, and to establish ownership. These generalizations focus on the result of verifying, rather than the process.
However, it’s important to consider the different aspects of bank verification to understand what the available methods are and how they work, ensuring that you are using the correct tool for your needs. Here are three factors to keep in mind when selecting a solution to fit business’ needs.