Verification Calls

Hello merchants! Today we will be reviewing a very important topic, verification calls. What are verification calls? Why are they necessary? What are common concerns with verification calls? These are exactly the questions we aim to answer in this post, and more!  

What is a Verification Call?

A verification call is a phone call that FlashBanc makes to every merchant to ensure that all of the information that is listed on their merchant processing application to FlashBanc is correct. Some of the information that is being validated includes the social security number, the owner’s date of birth, legal company name, federal tax ID number, and bank account numbers. If any of this information is incorrect and the application is submitted, then the merchant will receive more phone calls from a third party asking for more information to validate the owner. These requests may include the owner’s physical social security card, additional personal information, and documents. 

Why is it necessary?

In the event of an incorrect merchant processing application being submitted, the additional information becomes necessary to ensure that the missing or incorrect information was a mistake and not a fraudulent application submitted using the merchant’s information. Additionally, incorrect information can result in a TIN invalid fee from the IRS. The fee is a penalty from the IRS due to your information not matching your Taxpayer Identification Number and the government is concerned there is an attempt to avoid paying taxes. By making this verification phone call, merchants can avoid more required information later, TIN invalid fees from the IRS, and any other associated headaches that may result as well. 

What are common concerns with verification calls?

As with anyone, receiving an unexpected phone call that asks for any sort of personal information, nevermind items such as an SSN, banking information, or dates of birth, can be concerning. With technology in its current state, it is quite easy for a bad actor to attempt to manipulate a merchant and try to steal their identity. As a result, we try to give our merchants advance notice of an upcoming verification call. We also identify ourselves as the merchant processor, FlashBanc, to inform you that you are talking with a trusted partner. While other individuals may be acting in bad faith, FlashBanc is only concerned with submitting your merchant application with the correct information in order to help merchants avoid any future trouble. Rest assured, a verification call coming from FlashBanc is nothing to worry about, and if anything, it is something to welcome as we try to help you.

Remember that verification calls are an important step in partnering with our merchants as we ensure that all of your information is correct. We want to avoid any future requests for additional information and even the dreaded TIN invalid fee from the IRS. Any new merchants should look forward to and expect a verification call after submitting their application to FlashBanc. If you have any additional questions regarding the process, do not hesitate to contact our client support department by calling 1-800-808-1622.