Positive Pay is one of the most powerful tools you can use to protect your company against check and ACH fraud
The basics of Positive Pay are very simple:
- As your company issues checks, certain information (check number, dollar amount, and payee) is electronically transmitted to Bank First.
- When your checks are presented for payment, we compare this information to ensure it matches the check number, dollar amount, and payee.
For ACH Transactions:
- Your company provides Bank First with a list of pre-approved ACH transactions that are expected to post to your account. The transactions can include details such as the amount, originator name, and other relevant information.
- When incoming ACH transactions are presented for processing, we compare the transactions against the list provided by your company. Only pre-authorized ACH transfers you permit will post to your account.
If differences or discrepancies are found, the check or ACH transaction is flagged, and placed in the Positive Pay "Exception" list for you to review. You can then determine whether the check or ACH transaction should be paid or rejected. It's a simple but powerful way to stop the most common types of check and ACH fraud.
If you have questions, please visit our Help Center, or contact us for assistance.