V12 Retail Finance has highlighted the importance of bank account validation in building a successful business this week.
V12 Retail Finance is the UK specialist provider of Retail Point of Sale Credit. The company uses Postcode Anywhere's software for bank validation, email and address capture on their website.
Matt Hatton, IT Director said: "Accurate address and bank data is critical to us as part of the credit checking process as it can lead to applications being referred or even declined which cause delays and customer anxiety. The quality of our data can also affect our status with the Credit Bureau, therefore ensuring accuracy ultimately helps to reduce our underwriting costs which obviously benefit our customers.
"Originally we used two different competitor products; one for address and email validation and one for payment validation. With both providers we found the pricing models inflexible. For example, if you exceeded the look-up threshold by one credit you would be penalised by 100!
"When we switched from the competitor products and we had a good look around at what was available on the market we found Postcode Anywhere's interface simplicity itself and its API is far superior to the competitor's. We integrated all three Postcode Anywhere services in less than a day.
"Postcode Anywhere just works quietly and efficiently in the background. The other thing is that all the money we save with our paperless office model goes to charity so our customers feel they are being green as well as helping a philanthropic cause.
Cost effective and efficient
"We get a really cost effective and efficient service with a pricing model that's scalable in terms of seasonality and responsive to customer demands. We are really very happy with our relationship with Postcode Anywhere."
Guy Mucklow, managing director at Postcode Anywhere said: "The recent surge in online shopping has significantly increased the importance of recording accurate account details. If your data is incorrect, payment will be rejected, resulting in extra costs to you and frustration for your customers. Reprocessing failed payments can cost up to 50 each time but more importantly, can result in lost sales and inestimable reputation damage.
"Validating customer details at the point of entry removes any risk of human error from the equation all together. With payment validation in place, BACS, credit and debit card details are all verified from the very start, enabling an organisation to keep on top of their expenses, avoid bank charges and prevent fraud."
To find out more about Postcode Anywhere's bank account validation service, visit www.postcodeanywhere.com/bank-account-validation/