Micro Deposits - Real-Time Bank Account Verification

VoPay Verify provides enterprises with instant bank account verification technology, eliminating the delays and inefficiencies that stem from traditional micro-transaction authentication methods.

The Current Challenges for Bank Account Verification

Today’s micro-deposit verification processes can take over 24 hours to complete. This causes major delays throughout the entire financial operation and negatively impacts the user experience.

The ability to instantly authenticate and confirm a US or Canadian bank account is a game-changing solution for businesses that need quick onboarding and faster financial transaction verification processes.

VoPay Verify Micro Deposits

A micro-deposit can be initiated using existing customer bank account information, or alongside our eLinx solution to request the bank account information beforehand.

In Canada, the process operates on our real-time rail, VoPay Instant, in order to facilitate the instant micro deposit.

Check out full details of VoPay Instant here >

A small dollar amount is debited from the VoPay Account balance and transferred to the customer's provided bank account.

The customer can then verify this amount on our provided end-user experience, which can be white-labeled to match your brand through the VoPay Portal's Branding Settings.

The customer will have 3 attempts and 48 hours to enter the correct amount or the verification process will fail.

Deployment Options - VoPay Portal or VoPay API

Initiate VoPay Verify workflows using dedicated API endpoints, or using the VoPay Portal.

• Online Portal With VoPay's Fully Managed Service: Let us handle both the back-end logic and front-end user experience, with the option to white label the end-user experience in line with your brand.
• Custom Implementation Using The API: Design and build your own workflows using dedicated endpoints for micro-transactions, giving you the flexibility to customize the implementation according to your specific requirements

Bank Account Authentication Use Cases

Micro Deposits can be used across a number of industries and use cases to reduce risk and accelerate onboarding times.

Gig Economy: Authenticate users and their bank accounts swiftly.
Lending: Validate borrower accounts to mitigate default risks.
Property Management: Ensure tenant accounts are accurate and operational.
Account-to-Account Transfers: Confirm ownership of unfamiliar bank accounts.
Payroll: Guarantee correct bank details of employees to avoid errors.

The Benefits of VoPay Verify Micro Deposits

A quick verification process is crucial for every financial operation; this is where VoPay Verify excels.

With VoPay Verify, you gain:

• Enhanced security measures
• Improved accuracy in data collection
• A positive user experience
• To verify and onboard customers faster than ever before, accelerating growth.
• Prompt feedback loop to decide to proceed with or halt a transaction
• A rapid execution of transactions, making it difficult for fraudsters to manipulate or intercept the verification process