Zurich/Delaware (PRWEB) June 07, 2011
When it comes to safety with online payments for goods and services, it’s best to get right to the point; Payment21® strictly enforces a customizable Verification Loop™ and a proprietary Mitigation Algorithm™ for its business rules to ensure safe and streamlined demand draft Check21 as well as direct debit ACH payment transactions over the Internet. The company’s velocity control over the number of checks drawn and deposit limits are second to none. Furthermore, Payment21.com makes certain that the number of bank accounts on which checks are drawn are limited to mitigate possible fraud. The number of wait days on a first drawn check is also closely watched.
Since speed is always paramount when it comes to merchants or sellers receiving their money, Payment21® offers an Internet check payment process that can clear the U.S. Federal Reserve System within a single day. Payment21.com can accomplish this thanks to their state-of-the-art remote check processing solution, which is a check imaging system that converts paper checks into digital transactions. This provides faster payment settlement, ensures availability of funds, accelerates notice of insufficient funds, and can be deployed in a centralized or distributed environment.
That being said, speed should not sacrifice security. Spamming, phishing, and other Web related infractions have made safety concerns about the Internet limitless. Attempts at fraud by users pretending to have not purchased items in order to receive unjustified reimbursements have given online merchants more than their share of angst. Payment21®’s customizable Verification Loop™ and proprietary Mitigation Algorithm™ uses the most robust bank account validation process available today ensuring supremely safe online e-commerce. The system verifies the status of an account against which a check is to be drawn and confirms the availability of funds to cover the amount in real time. Internet check items are created, file formatted, and securely submitted directly into the banking system providing you with an expedited but extremely secure transaction. With faster clearing, risk is reduced, cash flow is improved, and services can be provided sooner with greater confidence.
To further improve Payment21®’s Verification Loop™, the company is connected with the ATM network and has integrated a number of back up networks ensuring no down time, which allows them to run with different verification services in a loop. Simply put, a transaction is routed to another network in case the first network rejects it and so on. Ultimately, this proprietary verification loop ensures a decreased number of rejected transactions, while greatly increasing the number of accepted transactions.
When it comes to online payment verification, Payment21.com’s Check Verification Service keeps it simple but secure. Payment21.com verifies bank account numbers, routing numbers, and funds available. Currently eight different validation-, verification- and authorization networks in the U.S. are used, as well as two of the nation’s largest negative check writer databases, such as SCAN and NVN. Data is provided in real time by a number of banking networks. Suspicious transactions are rejected and as a result, Payment21® saves the merchant from fraud and return fees all in record time.