Positive Pay & ACH Positive Pay is one of the most powerful tools you can use to protect your company against check fraud
The basics of Positive Pay are very simple:
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.
It's a simple but powerful way to stop the most common types of check fraud.
The ACH Positive Pay functionality:
Allows you to set up rules to both pre-authorize specific ACH transactions and to monitor for ACH transactions that match specific guidelines.
The system will then flag ACH transactions that fall outside these rules.
In many companies, ACH transactions involve larger sums than checks.
So, this new fraud protection system on your ACH transfers can make Positive Pay even more valuable to your bottom line.
If you have questions, please visit our Help Center, or contact us for assistance.