Positive pay is a powerful fraud detection and prevention tool for businesses. Accounts with Positive Pay enjoy an automated check verification process that serves as defense against forged, altered, or counterfeit checks.
How Does Positive Pay Work?
Our system electronically compares the dollar amounts and check numbers of every check presented for payment against a record of check numbers and dollar amounts issued on the account. Checks presented that do not match are flagged and sent to the account holder for approval prior to being cleared through the account.
What are the Benefits of Having Positive Pay on Your Account?
- Reduce check fraud by identifying fraudulent items at the time they are presented rather than at the time of account reconciliation.
- Minimize losses by returning fraudulent items before funds ever leave the account.
- Ease audit pain. Most auditors conduct less intensive audits on accounts that have positive pay.
- Increase internal controls by adding an extra layer of verification for checks issued from your account.