Solid has tools to minimize the risk of ACH returns. However, your program can take additional steps to prevent fraud loss.
What Solid does…
- Solid has a 2-business-day ACH Pull "cooling period" from the date of receiving credit that helps to weed out most returns.
- Solid has Watchdog Transaction Monitoring rules to trigger manual review of transactions above specified thresholds.
What your program can do…
- Keep limits low initially on new accounts, and increase gradually after two months from the time the first ACH Pull was initiated.
- Closely monitor the Solid Dashboard Reports and disable ACH or Debit Pull for specific accounts if there are any returns filed.
- Use Identity Verification (IDV) during onboarding or before enabling ACH Pull.
- Plaid Verify and Plaid Balance - Identity verification is built into the Plaid processor token API. This check ensures that the name on the linked account matches the Solid account and verifies that the phone number, email, or address also match. Additionally, the balance is checked at the time of initiating the ACH pull. If the balance is insufficient, the pull will be rejected.