What is an ACH micro-deposit?
Micro-deposits are small sums of money that are transferred online from one financial account to another. Their purpose is to verify if the account on the receiving end is actually the account the sender intended to reach. Micro-deposits are generally less than $1 and can be as small as $0.02.
How do I verify a bank account with micro deposits?
Micro-deposits are an easy way to verify a customer bank account….Use Micro-Deposits to Verify Customer Bank Accounts
- Acquire routing number and account number from your customer.
- Acquire basic account information from your customer.
- Use our White Label ACH API to send money (small deposits) to that account.
What is ACH micro transaction verification?
ACH verification process is a digital safety precaution used by sellers to reduce financial risk when handling check payments at point of sale, online or in-person. The verification process allows sellers to verify a customer’s bank account in real-time, significantly reducing faulty or fraudulent payments.
How do micro-deposits work with the ACH API?
After initiating micro-deposits, two random amounts will post to your customer’s bank account in 1-2 business days. Once your customer sees these deposits in their account, they need to verify the two amounts in your application. When working with our ACH API to make micro-deposits you also will not have to worry about formatting a ACH file.
What is micro-entry and ACH credit?
It will define “Micro-Entry” as ACH credits of less than $1, and any offsetting ACH debits, used for account verification. The “ACCTVERIFY” description will also become required.
What are micro-deposits?
Micro-deposits are small sums of money that are transferred online from one financial account to another. Their purpose is to verify if the account on the receiving end is actually the account the sender intended to reach. Micro-deposits are generally less than $1 and can be as small as $0.02.
How long does it take for my customers to receive micro-deposits?
After initiating micro-deposits, two random amounts will post to your customer’s bank account in 1-2 business days. Once your customer sees these deposits in their account, they need to verify the two amounts in your application.