Positive Pay is a fraud prevention tool that allows a check and balance between your business and the bank, protecting your business from Check and ACH fraud.
Details
- Check Positive Pay cross-references checks as they clear the bank based on what you say the item should be.
- If there are any discrepancies, the item will be called to action.
- ACH Positive Pay will send all electronic payments for decision and a rule be created.
- The “rule” on the initial item will determine what happens to subsequent payments presented.
- Putting these security checks in place ensures efficiency by allowing the bank to cash or reject checks and ACHs without any delays.