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How does BetterCheck work? What is it?
What does it cost?
How easy is getting started?
Are all banks listed with BetterCheck™?s
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?*
Am I charged for non-participating accounts?
How are stop payments detected?
What response messages will I get?
Who provides this service?
How does this work? What is it?
BetterCheck™ 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 BetterCheck™ banking network.
Additionally, BetterCheck™ provides
ABA bank validation, and the bank's phone number for every
9-digit routing number.
For more information about approved and
declined messages, and what they mean, see "What response messages will I get?" and "Does
a positive response guarantee funds?"
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What does it cost?
Standard
BetterCheck™is only $99 to set up, and that includes the
virtual terminal, account verification and setup. Each verification is just 50¢. When you
start you will add $25 to the account, and 50¢ will be deducted
from your balance with each verification that is located in our
system. You are not charged for verifications that are not in
the system, although banking data is still displayed if the routing
number is valid. Minimum replenishment on BetterCheck™ accounts
is $50 and there is a $10 monthly fee on all open accounts and a
$10 minimum.
Advanced BetterCheck has different pricing. See Advanced
BetterCheck FAQ.
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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, or sooner with "Express Account Setup".
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Are all banks listed
with BetterCheck™?
Many,
but not all banks are listed in our system. As the BetterCheck™
Network expands, more and more banks
are available each month. Currently hundreds of millions of accounts
are listed within the
network.
The BetterCheck 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 84% [Based on March 2008 network-wide
location rate].
Users find that just about every major bank is listed in the
BetterCheck™ 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.
If the bank is not part of the BetterCheck™
Network,
we provide the name, bank phone number, and contact information for the financial
institution at no charge to you.
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Does a positive response guarantee funds?
BetterCheck™does not guarantee funds, or hold funds aside.
The BetterCheck™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. Deposits or withdrawals made
during the business day will not be reflected in the BetterCheck™ network
until the bank's next business day.
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Is there a way to process batch files / upload?
This
is a feature available in the Advanced BetterCheck system. The
Advanced system is detailed above by clicking the ADVANCED tab. If you have the Advanced BetterCheck™ you
can process batch files of any size, but this is NOT available
on the Standard BetterCheck™ system.
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Are discounts offered for high transaction volumes?
All
transactions processed via the virtual terminal in BetterCheck™ will
bill at 50 cents, regardless of volume. We offer a system
called Advanced BetterCheck™ that has volume discounts based on
your replenishment level. Transaction prices are as low as 39
cents. For details you must visit the ADVANCED link above.
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Am I charged for accounts
that are not located?
No
account information, no charge. There is no charge for bank accounts
not listed in the BetterCheck™ network. Most banks
are in the network, but if the bank does not offer account
information, the routing
number will be validated and BetterCheck™ will provide the
bank's contact details at no charge, so you can still manually verify
funds using the phone number provided.
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How are stop payments detected?
When the optional
check number is entered in an account verification query and
the account is located, the account can be declined based on the
check number or amount of the check having a stop payment order
that is published in the banks daily stop payment batch file.
If you type in the exact amount of the check, the system will
also locate stop payment orders based on this criteria. A decline
will be provided for Stop Payment but the specific reason will
not be given.
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What response messages will I get?
APPROVED:
This means the account is located in the BetterCheck™ 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 BetterCheck Network detects a "Reason For
Return," such as invalid or impossible account number, or having
an bad routing number. BetterCheck 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:
BetterCheck 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. BetterCheck will display the Bank's Phone
Number and address for all NOT-DECLINED responses, and you will
not be charged for these transactions.
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Who provides this service?
BetterCheck™ is a product from yourfavorite.com. Yourfavorite.com
has been providing software to the payment industry since 1996.
Yourfavorite.com publishes CheckWriter™ brand
check by phone
software, as well as RoutingTool™, the
routing number verification
software, and 123ACH, the electronic fund transfer virtual terminal
for ACH. Software published by yourfavorite.com is used by
all 100 of the Fortune 100 companies for 2006.
Try a FREE BetterCheck™ Demo: Click Here
Place an order for BetterCheck: Order Here |
