The information below is meant to help you decide the right velocity limits to request to ensure smooth processing with Check Scanning.
What are velocity settings?
Velocity settings with check scanning refer to the limits placed on the number and amount of checks that can be deposited and refunded within a specific timeframe. These settings are designed to help manage risk and prevent fraud by controlling how much money can be processed through the system at once.
If velocity setting limits are exceeded, it may result in checks not being processed successfully. These limits act as predefined thresholds.
Velocity Deposit Settings
- Debit Single Transaction Amount: The largest amount ($) per single transaction.
- Debit Single Day Count: The largest number (#) of transactions per day.
- Debit Single Day Amount: The largest aggregate amount ($) of transactions per day.
- Debit Period Count: The largest number (#) of transactions over a rolling 14-day period.
- Debit Period Amount: The largest aggregate amount ($) of transactions per rolling 14-day period.
Hold Days
When hold days are added, it means funds are held for a longer period before depositing. If a check gets returned during this hold time, the money won’t be released, which helps protect from potential losses.
- ACH Debit Hold Days: number of hold days for ACH Debit
- ACH Credit Hold Days: number of hold days for ACH Credit
Please note that if you need to update your velocity settings, Message the Tithely Support Team using the Help Widget (conversation bubble) in the bottom right corner of your screen.
**Check Scanning is currently in beta and is only available to a limited group of customers at this time. Access is being rolled out gradually, and the feature is not yet available to all accounts. We appreciate your patience as we continue testing and improving this functionality.