Dear Valued Partners,
We have recently implemented Instant Bank Verification (IBV-Microbilt), a new feature in our CRM that will help us verify and validate banking information for merchants safely and securely.
IBV is a real-time bank account verification. This means that the validation process/approving merchant applications process will be much faster than the previous process.
From case to case, our Underwriting/Risk team will be utilizing this feature to validate a merchant’s banking information.
How it works
A link will be sent to the merchant’s email/cell phone number provided on the application, and they will need to follow the steps to grant us access to their banking balances.
What do you, as a sales representative, need to do?
Please let your merchant know that if they receive a link from IBV that it is not spam and that they must complete the steps to expedite their application process.
FAQ’s
Is IBV safe?
Yes! All information is encrypted at the same level of security as your personal online bank account.
What is the benefit of IBV?
IBV is convenient, quick, and secure. For customers, Instant Bank Verification is time-saving. It’s a solution that consumers will appreciate because it speeds up the process of gathering documents. Not only that, IBV helps protect customers from fraud.
If you have any questions, please contact our Underwriting department at underwriting@merchantindustry.com