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Accountants

Verify their bank account details to avoid fraud

Accounting firms that work with and depend on individuals and small businesses face financial risk, especially during these uncertain times of COVID-19. This is particularly true for accounting services that are provided on an ongoing basis where work is often conducted at risk.

There is always a risk that the payment will be delayed or defaulted because the individual or small business has encountered cash flow issues and didn’t or doesn’t have sufficient funds. Accounting firms are in the unique position of having insight into the financial position of their client, but this is typically based only on documentation such as invoices, and may not expose issues related to cash in the bank.

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Proof of funds

Minimum account balance of £2,500

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Account holder

AlphaCo Ltd

Timestamp

16/04/21, 16:37:16 GMT

Check in advance that a party has the ability to pay

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I want to check if my prospect client has sufficient funds to cover the entire cost of the work.

Ravi Saturnino, Chartered Accountant

Current solutions

Ask for a deposit before starting the work

Only offsets part of the risk

Likely to incur many ongoing costs beyond those covered by the deposit

High deposits are resisted by clients

Run a credit check

Costly, especially for companies that have ad-hoc requirements

Broad and general historial check, and may not flag current issues

Access to the company bank account

Small businesses may be resistant to providing direct access to their bank account

What I really need is a way to get the financial assurance offered by an up-to-date bank statement, without the privacy issues associated with exposing sensitive information.

Our solution

Perform confidential bank account checks

Less expensive and faster than a credit check

Current live data, not outdated

Less expensive than a credit check

Doesn’t require the SME to reveal any sensitive banking data

Protecting and respecting the data privacy of the SME

Interested in our service?

Get started

It’s free to try and only takes five minutes