Checking Account Ownership Authentication Options (AOA): What You Need to Know
Despite increasingly available fraud mitigation technology, many businesses still utilize inadequate check verification services that leave gaps in their fraud protection strategy.
Checking Account Ownership Authentication Options help protect your business via real-time tools that authenticate individuals/businesses interested in enrolling in a recurring billing plan with your organization.
Why Should You Use An AOA Service?
Though Check Verification Services are well-established, they are limited in scope when it comes to verifying customer credentials. Most verification services only let your business know that an account: 1) exists and 2) has adequate funds.
On the other hand, Checking Account Ownership Authentication Options check vital customer details such as a drivers’ license number, date of birth, and phone number, against the customer’s Financial Institution. This reliably verifies a customer’s identity and provides clarity, security, and ultimately an improved customer experience.
Here’s an example:
An employee makes a data entry error while onboarding a new customer. Now, your business first has to identify the error. Once the error is identified, the success rate of successfully contacting the customer and extracting the relevant data is only around 5%. Furthermore, this process wastes employee time that could be spent elsewhere, money, and frustrates the customer – which could lead to distrust in your business and lost clients.
Integrating an AOA Service allows your business to avoid all of this, with verification details available instantly at the time of onboarding. Modern businesses have no excuse for not moving beyond simplistic “account is open and in good standing” verification checks – especially merchant businesses accepting electronic/paper checks or enrolling customers for recurring ACH debits.
Even More Benefits
By employing Checking Account Ownership Authentication Options, your business is not only improving the customer experience and lessening abandonment rates, but also eliminating any need for account-owner login credentials. This streamlines the customer experience.
AOA Services also vastly reduce account take-over risks and/or unauthorized ACH and check returns. Finally, a Checking Account Owner Authentication (or AOA) Service minimizes unauthorized access to your customer’s accounts.
The Bottom Line
Employing an AOA Service is a vital and fiscally manageable fraud mitigation step for your business. Fees range from just $0.80-1.25, with custom quotes for high-volume clients – and for a service that vastly improves customer experience and mitigates fraud risk, it’s a price worth paying.
Contact Agile Payments today to discuss how an AOA Service could benefit your business.
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