Accounts Payable (Payor) Benefits
The days of writing out hundreds of paper checks, invoices, matching the information and the licking, stuffing, addressing and stamping all of those envelopes are over! VerifyValid™ offers a secure payment enablement platform for you to create and send out your payments via the web. No paper, no envelopes, no fuss!
A sustainable, efficient and economical way to send payments, VerifyValid™ can be used for all of your vendor business transactions. If you’re looking to save time and money while also promoting a reduced paper sustainability goal, look to VerifyValid™ as your payment solution. With the hard cost savings from materials to create checks and the 70% time reduction, our customers have shared with us that they’ve seen at least $1.00 savings per check!
Sending a few checks or importing a check run with remittance information, VerifyValid™ presents a fast, easy and secure method to handle all of your accounts payables. Working with your current accounting software and using our API plug-in, you can easily save a CSV file which can then be uploaded into VerifyValid™ for your check import, including remittance information. The VerifyValid™ system makes it easy to send from 1 to thousands of checks with just a few clicks.
Creating permission levels is another benefit of using the VerifyValid™ system for check writing. Simply add a member to an existing checking account, and delegate what functions you would like them to have. As the owner of your company, you would act as Admin of your account. Add your assistant as a member, and select which roles you would like them to have in your check writing process. Permission levels include various options such as: create checks, sign checks and many others. The “members” setting is a completely customizable feature within your VerifyValid™ checking account.
VerifyValid™ is built on a fraud prevention platform. Additional security features include checking account activation and the verify a check option. With the account activation, we undergo a secure process to ensure that you have ownership over the claimed checking account prior to your ability to write checks. The verify a check feature allows you to verify any check written on the VerifyValid™ system, ensuring that it is written on a valid checking account and has not been changed since its creation.
For the cost of a stamp*, VerifyValid™ offers the ability to electronically execute a check payment that can work with a business’s current accounting system. The receiver of this check does not incur any fee and the deposit is handled like any other check. Sending checks is not a new process, but with VerifyValid™ it just got an upgrade.
Accounts Receivable (Payee) Benefits
Receiving VerifyValid™ checks is fast, secure, green and easy!
You do not need a VerifyValid™ account to receive VerifyValid™ checks. If you do not have an account with us, you can receive checks directly in your email. The check will be in a one-time view/print only PDF document. Simply open the PDF, print, and deposit your check as you would any paper check.
If you have a VerifyValid™ account you will receive all VerifyValid™ payments in your lockbox. With the lockbox service, you are able to view all of your payments in one centralized location. A simple “print checks” button allows you to have all of your payments at your finger tips, ready for deposit. No envelopes to open, and best of all, No more paper cuts!
|Payee Service Level Options|
|Option 1: VerifyValid™ account not required||
|Option 2: Take advantage of a VerifyValid™ account||
No interchange fees! Electronic payments typically come with interchange fees ranging from 2%-4%! A high price to pay just to receive your money in a timely manner. With VerifyValid™, the receiver of the check pays no cost. Because what you are receiving is, after all, just a check.
No more reconciliation issues! With VerifyValid™’s plug-in, you can easily export your payment file, with remittance information, directly from your lockbox and upload it back into your current accounting system. Know exactly which invoices have been paid and eliminate the wait time associated with “the check is in the mail”.
No Payee banking information! Early on, one of our advisors shared with us this thought, “How can I go electronic and not share any of my personal information?” Electronic payments today require the payor to know the banking information of whom they are paying while concurrently holding them responsible for keeping that information safe. VerifyValid™ requires only an email address for the payment to be sent keeping your banking information secure while still allowing you to receive your payment within a matter of seconds!
Probably the safest check you’ll ever receive because you can verify that the check was written on an actual account, and that the check has not been changed since creation. When you accept a VerifyValid™ check and verify it, you can feel secure in knowing that you have received a legally valid check written on a real account, executed and created by the authorized account holder. Fast. Secure. Green. A check, but smarter!
Organizational & Financial Controls
To write checks with VerifyValid™ you will need to set up a user account. This requires a personal email address. The email account chosen will receive all notifications from VerifyValid™, which can also be found on the user’s dashboard. Checks that are sent to that email address can be found within the lockbox of that user account. You will no longer receive your checks in an attached PDF document in your email.
You are considered the admin of your user account and any checking accounts that you add. Once you have successfully added a checking account, you may add members to that checking account, and delegate specific permission levels for that member.
Making someone a member of a checking account does not allow that person access to your user account. Instead, what they will see is within their own user account under the checking accounts tab, the name of your checking account with your user name next to it. The only actions they will be able to perform within that checking account are those that you allowed for them when you set up their member status. These permissions can be modified or deleted, by the admin, at any time.