Bringing a knife to a gunfight sounds like one of the most undesirable situations a person can find oneself. It shows a lack of preparation - carelessness. Although this idiom is often used in light hearted situations, it certainly is applicable to many day-to-day activities. An example would be using a pair of kindergarten safety scissors to cut your grass. Sure you’ll get the job done but at what cost to your time and reputation? Using a payment provider that does not use Real-Time Check Verification is no different. .

Real-Time Check Verification

The Real-Time distinguishment is critical when analyzing verification providers. While there are numerous check verification providers, very few are capable of providing Real-Time results. These providers rely on database systems that use historical data. While these systems will certainly catch bad checks their results are typically unreliable and cursory. A Real-Time Check Verification system ensures that checks being processed are from open and valid bank accounts, with a positive balance, while further ensuring that the account is not frozen or closed in Real-Time.

"After conducting the preliminary baseline test [with an industry leading verification provider], the verification results showed that 3 checks were declined..."

CheXshield vs. Leading Verification Study

Virtual Check conducted a study to further prove the thoroughness of our CheXshield Real -Time Verification system. In this study, the Virtual Check team ran 100 checks through our industry leading CheXshield program whilst running the same batch of checks through another industry leading check verification provider.

Leading Verification Provider

The Leading Check Verification provider works using a variety of different databases rooted in years of historical data. This data includes check writing behavior, and reports from credit reporting agencies and collections agencies, while cross referencing data from financial institutions such as account numbers and routing numbers. After conducting the preliminary baseline test, the verification results showed that 3 checks were declined because their account information could not be confirmed. 3% of 100 checks being declined could be considered a good batch of checks - but was it?

"Using the CheXshield real-time check verification system resulted in a baffling 800% increase in declined checks."

CheXshield Real-Time Verification

Following the control test, the Virtual Check team was eager to test the capabilities of their own CheXshield program. The Real-Time verification system went to work analyzing each of the one-hundred checks in the batch. Instantly, the team was baffled. The CheXshield Real-Time Check Verification system had declined 27 checks - no that’s not a typo. After the generation of a thorough report, it became apparent that CheXshield had flagged each of the 27 transactions for a variety of different reasons ranging from insufficient funds to excessive check returns.

Using the CheXshield real-time check verification system resulted in a baffling 800% increase in declined checks. Could this be viewed as a negative result as merchants are receiving less money? Absolutely not. That increase in declined checks meant that several merchants were protected from fraudulent and erroneous transactions that were inevitably going to result in their depository bank freezing- or worse yet- closing their account.

Protect Yourself and Your Business with Virtual Check

Businesses can be built or broken depending on their payment provider. As a business owner, you cannot waste your time trying to deal with the repercussions of using payment providers implementing inadequate and archaic technology. Switch to Virtual Check. Providing you and your business with cutting edge payment technology is what we do - ensuring your business thrives is our passion.

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