Every now and then, transactions must be verified. Although the process may seem like a minor inconvenience, it is designed to protect your business. The goal is to complete the verification as quickly as possible and release any funds that are on hold.
Transactions require verifications for different reasons. Typically it is based on the dollar amount being large or outside of the normal range.
No. Large transactions are a normal part of processing. Security algorithms look for geographic locations, prior history, MCC codes, transaction method, and other factors.
Verifications help prevent fraud and chargebacks by validating transaction data with the issuing bank.
Once our risk team receives the requested documentation and/or customer information, the verification process typically takes one day.
The issuing bank requires that customer name and billing address match. If it doesn't, the customer or the issuing bank may initiate a chargeback.
Velocity Processing is a registered Independent Sales Organization (ISO) / Member Service Provider (MSP) of Elavon, Inc. Georgia, a wholly owned subsidiary of U.S. Bancorp, Minneapolis, MN. Elavon has been processing electronic payments for 37 years and maintains an "A+" rating with the Better Business Bureau.