Risk protection by bank account information
Despite other payment methods, the most popular payment method is still the classic direct debit. According to the e-commerce guide from ibi research, almost 60% of all customers will not cancel the payment process if the merchant offers direct debit as a payment method. What means convenient payment for the consumer may result in several risks for the merchant, e.g additional fees due to possible chargebacks.
Due to unconscious errors by entering any digits or the name, a direct debit will not be possible.
As long as the bank account shows an insufficient transaction limit at the date of the direct debit, the direct debit could not be submitted. In addition to know the general transaction limit, the best date to execute a direct debit will be decisive.
It is normally very easy for people with criminal energy to produce fraud by ordering goods or services with data from third parties.
The practical solution is the real-time bank account verification. The only requirement will be, that the potential customer logs in with his usual online banking data in his online banking account. Hereby the risk scenarios can be reduced to a theoretical minimum. The benefits are apparent:
Your customer will be identified as the owner of an already existing bank account in the sense of KnowYourCustomer - a false identity is excluded as well as invalid account data or transposed numbers.
By logging in his online banking account, it is possible to check the current and historical transaction limit. Furthermore the optimal time for the direct debit transaction can be determined. - in almost all cases a bank account deficit could be excluded.
The intention to make a payment with bank data from third parties will be limited to an absolute minimum, because entering an online banking PIN is a significant psychological barrier apart from the fact that this PIN is usually unknown.
This check uses various metrics to determine the best date to execute a direct debit to minimize the risk of a default due to a lack of account coverage.
This check returns the number of detected chargeback transactions for this bank account during the last months.
This check allows the check of the account coverage against a given amount.
This check compares a given name and firstname with the extracted account holder (within a percentage value of up to 100%).
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