A cost-effective, real-time verification and risk management solution for merchants that process a high volume of check transactions.
Large merchants who want to avoid the costs of full-service check verification have traditionally maintained their own databases or used day-old, distributed negative files. The internal solutions have become less effective with the increased sophistication and frequency of fraud. With the TeleCheck® Live Verify
℠ solution, merchants have access to one of the most current and comprehensive check writer negative and activity databases, and risk management tools to protect against fraud and minimize returned checks.
Fraudulent check writing increasingly confronts large merchants and solutions at the point-of-sale have been either antiquated, unable to adapt to the changing nature of fraud, or for some merchants, too costly. Doing it yourself in the form of maintaining databases can be expensive and time-consuming to manage, expending internal resources that could be used to support other areas of your business. Also, continuing to improve the functionality and coverage of the databases to combat the new dimensions of fraud can be a burden on your organization.
The TeleCheck Live Verify service provides merchants with dynamic, real-time negative and activity databases for all transactions. Additionally, it uses a proprietary switch that forwards higher risk transactions to full risk management systems. The patent-pending TeleCheck Live Verify service is the first hybrid solution of its kind and is available for merchants that process a high volume of transactions.
How It Works
At the point-of-sale, merchants send check transactions to TeleCheck for verification. During the authorization process, TeleCheck filters the check writer transaction information through the TeleCheck databases and risk management tools to evaluate the check writer’s history.
A proprietary switch directs higher-risk transactions through the advanced adaptive decisioning and scoring system for full risk management evaluation. This intelligent switch helps maximize risk prevention and minimize cost for merchants.
Help Your Business
- Identify and prevent fraud based on real-time information
- Lower overall cost of check acceptance
- Make cost-effective and timely decisions, based on more comprehensive, live data
- Approve check writers that have had items cleared for payment but who would normally be declined using the distributed database method of verification
- Meet compliance requirements using our Fair Credit Reporting Act (FCRA) trained call center support
- Keep current with the latest fraud-detection tools with the ability to upgrade as needed
- Improve merchant infrastructure and operational expenses
Help Your Customers
- Easy and simple check-out process with quick approvals – no manager to review and call a bank
- Receive more accurate and timely decisions based on real-time information to avoid declines
- Reduce the likelihood of identity theft
- Manage record keeping and easily balance their checking account
- Utilize their payment method of choice
- Intelligent switch that selects the transactions that qualify for TeleCheck adaptive decisioning and scoring evaluation
- Optional enhanced real-time negative database that evaluates negative check writer information and provides more accurate decisions
- Replace traditional transaction-based risk systems with check writer-based risk systems, using the customer’s entire check writing history across all merchants to asses risk of acceptance
- Access to a third party bank account status database
- Support for check approval and handling processes, such as a FCRA trained call center and optional collection services
- Ongoing consulting services for suggested changes to authorization process and check processing program
