Account Verification Services, or Bank Account Verification Services, entails a digital, real-time process by which merchants can verify the bank account details of new customers within seconds.
The bank details are submitted for verification, via an online portal, to the customer’s bank. Returned results include the account status, whether it has been open for longer than 3 months, whether it can be credited and debited, and whether the customer’s contact details match those on their bank records.
This service is typically used when customers want to open new accounts or take out new contracts with merchants. Allowing these merchants to make sure that the customer’s bank account details are valid gives them a surety that the customer has provided accurate details, and that monthly debits can be successfully collected going forward.
Learn more about AVS Bank Account Verification Services