Evaluation Criteria for Online Bank Deposit

Online bank deposit services help customers accept physical checks from around the world through the use of a scanner and an online deposit service. These companies help businesses handle checks both locally and in the mail by providing an interface for depositing checks into their bank accounts. Our evaluation process has been created with the most important aspects of online bank deposit services identified to highlight the best service providers.

There are five key areas identified by topcreditcardprocessors.com as significant for providers of online bank deposit services:

To protect the network and increase security, it is required that vendors use a firewall and avoid using default vendor password settings. The firewall helps keep information in and provides protection from outside threats. Since default vendor password settings are easily obtained by criminals, a unique password security policy must be set. This helps to secure information and prevent brute-force attacks to try and obtain password information.

Cardholder data protection deals with the storage and encryption of customer data. Customer information must be stored in secured areas not susceptible to online attacks and retrieval. When data gets transmitted over public connections, strong encryption must be employed to protect customer data. Typically, 128-bit encryption provides the minimum level of encryption allowed.

Reliability of the online bank deposit service is another important aspect of the evaluation to ensure the accuracte of the information being processed and the overall uptime of the service. The ability to process check payments quickly and efficiently at all times ensures that payments will be processed timely without serious downtime or issues causing non-payment issues.

Regularly monitoring and testing of security access requires advanced programs and policies to ensure that these needs are met. Network resources and cardholder data access must be monitored and logged. Additionally, security systems and processes must be analyzed and tested regularly.

The ability for the vendor to provide adequate customer service processes and adequate communication with their customer ensures that issues which occur as a result of the service are quickly identified and fixed. Various help desks, phone systems, and other tools for customer service agents should be properly integrated with enough professionals to be able to assist the load of customers which may attempt to contact the service.

General Questions:

  • How did you find your current payment processor?
  • What other payment processors, if any, have you used?
  • How many transactions do you process per month?
  • What would be three things you would change about your experience?
  • Rate your overall experience (1-10; 10 being the highest).

Specific Questions:

  • What kind of machine was provided for scanning and converting checks?
  • Why did you select this particular online bank deposit service?
  • How many checks do you receive on a monthly basis?
  • How quick is the service provider to depositing the funds into your bank account from a scanned check?
  • Does the service provider offer fraud protection and prevention?
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