What is Centrix Positive Pay ?
Centrix Positive Pay is a simple and effective system for eliminating the most common types of check fraud. It works by comparing the known information about each check - date, payee, amount and account number - against the details of checks presented to us for posting. If any of the details don't match (a discrepancy in the amount, for example) the check is flagged and presented as an "Exception." You can then review the check and determine if it should be paid or returned.
How does Centrix Positive Pay receive the check information?
After you issue a batch of checks in your accounting program, you simply export the information about those checks into a file. The file is then uploaded into Centrix Positive Pay .
What are "Exceptions"?
Exceptions are items that are presented for posting that do not match the information you provided. For example, the amount, date, payee or account on which the item was drawn are different from what you reported.
What do I do with exceptions?
You can review the exception to determine if the item is legitimate. If it is, you instruct us to pay it. If not, you disallow payment of the item.
Do I have to review every transaction?
No. You will only need to review and act on those items that are flagged as exceptions.