Having recognised the increasing adoption of bank account payments as a credit card and paper cheque alternative, the demand for a steadfast bank account verification method has become imperative for businesses. The VoPay Verify solution looks to empower enterprises to authenticate and confirm any US or Canadian bank account rapidly, eliminating the protracted waiting times of up to 24 hours or more for micro-transactions to finalise.
As per the press release information, micro-transactions, which are a trusted tool for confirming bank account ownership over the years, entail crediting or debiting a nominal amount into the account, and they provide businesses with several advantages, encompassing increased security, improved user experience, regulatory compliance, and reduced chargebacks. Despite this, the current process is known to be slow and disruptive to users’ experience, with transaction times usually spanning at least a day to finalise.
By making use of VoPay’s real-time transaction capabilities, companies will be enabled to reduce the risks of reversals, NSFs, and transaction failures, ultimately bettering their bottom line. VoPay Verify provides a fully managed account verification experience by delivering a pre-built user experience and intellectual logic that helps determine the transaction amount considering many different risk criteria.
Commenting on the launch, VoPay representatives advised that this initiative provides the company’s clients with an out-of-the-box method for account verification, meaning that they’re not required to stitch together a solution and can leverage an optimised set of endpoints for micro-transaction verification.
More to this point, the spokesperson stated that fast and easy account validation has become a crucial component when talking about customer onboarding, and enterprises are experiencing difficulties in finding a quick, reliable, and cost-effective method to validate new accounts, something that VoPay’s new Instant Micro-Transaction Verification tool aims to address.
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