Positive Pay-Protection for Business Accounts

 

Positive Pay is a powerful fraud detection tool that helps businesses protect their financial assets by identifying unauthorized, counterfeit, or altered checks before they clear your account. Instead of discovering fraudulent activity days or weeks after the fact, this proactive system allows you to catch potential issues immediately. By automatically matching all incoming check transactions against your company's known and authorized checks and payments, Positive Pay significantly reduces the risk of financial loss.

The system works by meticulously verifying two critical components of each check: the check number and the check amount. When discrepancies are detected, they are flagged as exceptions that require review. Your company's designated users can then review these exceptions daily through a streamlined process, making informed decisions about whether to pay or return these items. This level of control ensures that no unauthorized payments slip through unnoticed.

In addition to traditional check verification, ACH Positive Pay provides an extra layer of security for electronic transactions. This complementary service helps mitigate the risk of fraud in your Automated Clearing House (ACH) transactions by implementing similar verification protocols. Designated users within your organization can review any ACH exceptions that arise and make timely decisions about payment or return.

The combination of check and ACH Positive Pay creates a comprehensive fraud prevention system that:

• Provides early detection of potentially fraudulent activity

• Gives you greater control over your business accounts

• Reduces the risk of financial losses

• Streamlines the verification process for both paper and electronic transactions

• Allows for quick decision-making on suspicious items

By implementing these security measures, your business can maintain better control over its financial transactions while protecting against increasingly sophisticated fraud attempts.