Validate bank account details
The growth in online purchases and BACS payments has significantly increased the importance of recording accurate account details. If the information you use is incorrect then your payment will be rejected, resulting in additional cost to you and frustration and inconvenience for both you, your customer or employee.
Benefits of payment validation
- Save time and money
Helps to ensure payment details are captured correctly first time, as reprocessing failed payments can cost up to £50 a time
- Minimise bogus registrations
Useful for preventing bogus registrations in online subscription forms
- Reduces hassle and frustration of non payments
Helping prevent failed payments means your suppliers and employees get paid on time
- Improve customer service
Improves trust in your website by creating a more professional feel while also giving your customers a more personalised experience
- Boost point-of-sale conversion rates
Real-time error checking ensures point-of-sale transactions go through first time - so you don't have to chase them up or lose the sale
Works with...
- Web service APIs
- Fully-hosted platform
Postcode Anywhere’s BACS verification helps convert leads to sales - it's an invaluable marketing tool.
Weighing up the costs
It’s very easy to make a mistake when capturing bank account and sort code details particularly where there’s a lot of information to input. Numbers can get transposed, incorrectly entered or simply missed and yet you’ve no way of spotting the error until it’s too late and the details have been presented for payment.
The bank is never the first to inform you that the payment has been rejected. It’s your employee who hasn’t received their first salary and has gone overdrawn as a result or the new supplier whose terms you’re now exceeding.
By now, the problem has to be passed back to the accounts clerk. They either have to call the supplier to make a one-off payment, or try to pacify an employee who's wondering whether they chose to work for the right company.
Validation process
There is, however, a far simpler method that overcomes this problem and its consequences. You can validate individual or batched payment details by using Postcode Anywhere’s BACS and IBAN validation services using our modulus checking processes before you make your payment runs. This will highlight problems before they occur, in your HR software, supplier ledger or directly in your payment applications.