Positive Pay is one of the most powerful tools you can use to protect your company against check or ACH fraud
The basics of Positive Pay are very simple:
For Check Positive Pay -
When you issue a batch of checks through your accounting program, each check has a certain profile - the date, the amount, the payee, and the account on which the check is drawn.
Those records are exported from your accounting program, and imported to the Positive Pay system.
As those checks are deposited and reach us for posting, we compare the details of the check to the details you provided when it was issued.
If differences or discrepancies are found, the check is flagged, and placed in the Positive Pay "Exception" list for you to review.
You can then determine whether the check should be paid or rejected.
For ACH Positive Pay-
When ACH transactions are presented to your account for posting, they will be flagged and placed in the Positive Pay "Exceptions" list for you to review.
You can then determine whether the ACH transaction should be paid or rejected and you can also establish rules to authorize the ACH transaction to post without being flagged as an exception in the future.
Positive Pay is simple but powerful way to stop the most common types of check or ACH fraud.
If you have questions, please visit our Help Center, or contact us for assistance.