Checking Account Owner Authentication Services: How Can You Protect Your Business?
Checking Account Owner Authentication Service offers your business instant access to the individuals or businesses enrolling in a recurring billing plan with check payments; a powerful fraud mitigation tool.
Benefits of Checking Account Owner Authentication Service
A Checking Account Owner Authentication Service also allows businesses to validate drivers’ license numbers, birth dates, phone numbers, and other sensitive data with the customer’s Financial Institution records.
Instant AOA also means:
- No more need for an account owner’s login credentials.
- No more unsanctioned access to customer accounts.
- An improved customer experience.
- A reduction in unauthorized/administrative ACH/check returns.
AOA In Action
Let’s use an insurance company as an example. Imagine this business onboards a new client for car insurance without using instant AOA. While the client is who they claim to be, there is a data entry error, the account is closed or in an NSF status, etc.
The insurance company approves the customer’s insurance policy, and the customer is involved in a car accident that same day. A $10,000 claim is made, and the company is obligated to pay out the full claim despite not knowing there is an account issue with the customer. The insurance company suffers a major financial loss, and are potentially left without any options to gain back the initial premium payment.
Utilizing an instant AOA service would have revealed any issues with the potential customers account before the point of enrollment, for an inquiry priced at less than $1!
Checking Account Ownership Authentication Solutions mitigates fraud risk for your business – and costs can be as low as $0.80-1.25 per inquiry, with custom quotes for higher volume clients. Contact Agile Payments today to discuss integration with AOA services for your organization.