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How does Simple
Verify work? What is it?
What does it cost?
How easy is getting started?
Are all banks listed with Simple Verify’s network™?
Does a positive response guarantee funds?
Is there a way to process batch files / upload?
Are discounts available for high volume processing?
Is the system in real-time?*
What response messages will I get?
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How does
this work? What is it?
Simple Verify™
is a virtual terminal that allows you to log into any web
browser with your username and password and verify that an
account is open, and a check is likely to clear. Account
results are provided for any U.S. checking account that is part
of the Simple Verify™ banking network.
For more
information about approved and declined messages, and what they
mean, see "What response messages will I get?"
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What does it
cost?
Simple
Verify™is only $50 to set up, and that includes the virtual
terminal, account verification and setup. Each verification is
just 55¢. When you start you will add $25 to the account, and
55¢ will be deducted from your balance with each verification
that is located in our system. Minimum replenishment on Simple
Verify™ accounts is $50 and there is a $10 monthly fee on all
open accounts. Advanced verification covers, credit card and
social security verification with other fraud measures attached.
These are available upon request and individual prices are
levied depending on the level of service that is requested.
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How easy is
getting started?
Getting started
is as easy as clicking any of the order links below. Once you
have an order number, simply return the one-page billing
authorization and your account can be set up within 24-48 hours.
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Are all
banks listed with Simple Verify™?
Many, but not
all banks are listed in our system. As the Simple Verify™
Network expands, more and more banks are available each month.
Currently hundreds of millions of accounts are listed within the
network.
The Simple Verify routing database has a 99.9% routing number
location rate, and routing and bank details are provided
regardless of account status. Account location rates will vary
depending on your location and the banks in your area or
customer base.
Account location rates currently average about 87%
[Based on
October 2007 network-wide location rate].
Users find that
just about every major bank is listed in the Simple Verify™
account information database, as well as many, but not all,
local and regional banks. Savings Banks and Federal Credit
Unions also provide account information to the network and are
growing in numbers.
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Does a
positive response guarantee funds?
Simple
Verify™does not guarantee funds, or hold funds aside. The
Simple Verify™system will verify that the account is open and
has a positive balance as of the start of business, today.
There is no guarantee that funds will still be available the
day the check is presented. Optional use of the check number, or
exact dollar amount in the amount field, will also allow the
system to look for stop payment orders on the item by check
amount or check number.
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Is the
system in real-time?*
The system
responds in seconds to any inquiry. The response is in real-time
and is based on the data the participating bank provided about
the accountholder as of the start of business, today.
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Is there a
way to process batch files / upload?
Yes! You can
process batch files of any size.
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Are
discounts offered for high transaction volumes?
All
transactions processed via the virtual terminal in Simple
Verify™ will bill at 54 cents. We offer special discounts for
customers with a huge amount of volume and have been using our
service for a minimum of 30 business days.
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What
response messages will I get?
APPROVED: This
means the account is located in the Simple Verify™ Network, the
account is listed as an open, valid account, with a positive
balance at the beginning of the business day, and the routing
number was successfully validated. Routing and Account Number
results are displayed with the Bank Phone Number.
DECLINED: Declined
messages are issued when one of the Banks reporting to the
Simple Verify Network detects a "Reason For Return," such as
invalid or impossible account number, or having an bad routing
number. Simple Verify also has the ability to check for the
possibility of NSF, stop payment orders, and other common
"Reasons For Return," including access to the closed account
database.
NOT-DECLINED:
Simple Verify will provide a NOT-DECLINED message when the check
or transaction has a valid ABA routing number and no positive
or negative information is available about the account
number. Simple Verify will display the Bank's Phone Number and
address for all NOT-DECLINED responses, and you will not be
charged for these transactions. |
