Protect Your Business with Positive Pay

As a business owner, you work hard to secure every dollar earned and every asset in your care. Few things are as frustrating or damaging as falling victim to fraud. Paper checks, and ACH transactions are particularly vulnerable to fraud. Fortunately, tools like Positive Pay can help safeguard your business against these risks.

What is Positive Pay and How Does It Work?

Positive Pay is a powerful, proactive fraud prevention tool designed to protect your business when it comes to unauthorized checks or ACH transaction on your account. The process is simple yet effective:

1. You Provide a List of Issued Checks Every time you issue a check, you upload a check file, including the check number, date, exact dollar amount, and who it is payable to.
2. Checks are Verified Against Your List When a check is presented for payment, the system automatically compares the details of the check to the list of issued checks you’ve provided.
3. Emails are Sent for Discrepancies If a mismatch occurs—for example, a check number, date, dollar amount or who the check is payable to doesn’t align with the issued list—you’ll receive an email. This allows you to review the check and decide if it should be cleared or flagged as fraudulent.

ACH Positive Pay

1. Create ACH Rules based on each company by dollar amount, SEC code, and transaction type.
2. ACHs are Verified Against Your Rules When an ACH is presented, the system automatically compares the details of the ACH to the rules you’ve created.
3. Emails are Sent for Discrepancies If a mismatch occurs—for example, an ACH is outside the rule created—you’ll receive an email. This allows you to review the ACH and decide if it should be cleared or flagged as fraudulent.

This straightforward process significantly reduces the risk of unauthorized transactions draining your funds. Since you maintain control by approving or rejecting any flagged transactions, Positive Pay ensures peace of mind.

Benefits of Positive Pay

Implementing Positive Pay offers several key benefits for businesses of all sizes:

1. Protects Against Financial Losses Fraudulent transactions can lead to substantial losses, damaging your financial health. Positive Pay reduces this risk, sparing you from the potential fallout of fraud.
2. Saves Time and Reduces Stress Tracking down unauthorized transactions can be a time-consuming and exhausting process. Positive Pay eliminates the guesswork by flagging transactions, and letting you resolve issues quickly.
3. Boosts Account Security With stricter verification, Positive Pay acts as a safety net for your bank accounts, ensuring only authorized payments are processed.
4. Improves Operational Efficiency By catching problems early, Positive Pay helps you maintain better cash flow management and reduces disruptions to your daily business operations.

Take Action

To learn more about Positive Pay or other services designed to help your business succeed, contact our business team today. With the right resources, you can spend less time worrying about fraud and more time focusing on growing your business.