Every ACH sales transaction processed by Electracash undergoes various verification processes to weed out fraud and help ensure the merchant is being paid appropriately for the goods and services rendered. These practices are employed to ensure data integrity and to stop abusers before network costs are incurred by the merchant.
Electracash employs the following on each transaction:
- Transaction limits set by the merchant – if a transaction is attempted that is over the limit set by the merchant, Electracash contacts the merchant to verify the transaction
- Duplicate transaction edits and velocity checks – helping to eliminate the unintentional submission of two or more individual transactions instead of one.
- User Authentication – an option to verify the user’s personal data against public records.
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- Bank Routing and Transit number verification – preventing a user from entering false bank data.
- Account number structure validation – ensuring the data entered are viable for payment network processing.
- Proprietary Positive Files – to move transactions through the system faster for repeat customers.
- Propriety Negative Files – to reject a transaction from a known fraudulent user before the request is ever entered into the payment system (saving the merchant money in processing and returned transaction costs).
Should you have any questions about Electracash’s transaction risk management practices, please contact an Electracash Sales Representative.
