Online credit validation is to be boosted for businesses with the BankVal solution from Unified Software.
Speaking in central London for the first time about their solution, founder and technical architect George Barron and sales and marketing director Ross Miller explained that current problems in verification, and ultimately incorrect credentials being provided, is taking excessive time and can lead to charges of up to £35 a time being issued to the payer.
Miller said that problems occur when the payer has to reconfirm the details with the customer, resulting in lost time and productivity. He said: “If you get the details wrong you lose a proportion of people who are saying that they can do it remotely and validate up front. You do it on paper or take details down by phone and get it right first time.”
The enhanced payment validation is available in a cloud-based Software-as-a-Service (SaaS) format to allow use on a pay-per-service availability. It provides a range of bank validation services which are essential to any online monetary transaction whether it is from customer to business, business to business or employee payments.
BankVal's centralised database is programmed to accurately and seamlessly update itself in a system that Unified Software pioneered, as clients only pay for the transactions that are verified. The key to a successful and streamlined customer acquisition process is to ensure that the bank account details provided by the customer are correct from the outset. You can only achieve this by checking bank details (bank sort codes/account numbers and building society roll numbers) at point of data entry.
Barron said that the software allows users to capture data and send the customer details to BACS and it is then sent through to the targets. In comparison to the Experian software, which Miller said was a static app and is only updated every month or quarter when it sends out the banking data, that is a software package, is not real-time and is a solution you buy, install and integrate into your solution.
Barron said: “We are providing on a pence per transaction service and you only pay for what you use. The provider will supply their details to the company paying, and it is up to them to use it and to send payment.”
Miller said: “The customer doesn't want to be messed around, the payer has a user ID and password and the transaction is encrypted over SSL and no information is stored, all transactions are in process while the calculations are being done.“