You read about it everywhere. With fraud continually on the rise, checks can make your business vulnerable to risk. Protecting your accounts is critical; Positive Pay is a strong partner in helping to keep your business safe.
What is Positive Pay? It’s an automated cash management solution offered by most commercial banks to help deter check fraud. Acting as a second set of eyes, it quickly alerts you to questionable ACH and check payments.
Here’s how it works. You provide your bank with a daily accounting of your check writing and ACH criteria, customized by you. Your bank will match it to transactions against your account. If any are exceptions or appear suspicious, you’ll be notified to sign in, and view the item. From there, you decide whether to make the payment or reject the transaction. Typically, banks will reject all exception checks you don’t review.
In addition to fraud protection, Positive Pay can also help with account and payroll reconciliation, check storage and retrieval and more. Working in conjunction with account alerts and other fraud prevention tools, it’s an added layer of security and peace of mind.
Take action to help prevent fraud before it happens. Positive Pay is one of the strongest defenses in your business’ fraud prevention toolkit. Contact your financial institution or reach out to Bankwell to learn more.