Positive Pay: Protecting Your Business with Peace of Mind

Stop Fraud Before It Hits

Positive Pay works by cross-referencing every payment against data you’ve provided. If a discrepancy arises, the system flags the transaction for your review. This means your business has full control, ensuring only valid transactions are processed. By stopping fraud before it hits, businesses avoid the costly and time-consuming process of recovering lost funds.

“Staying one step ahead of fraud is crucial in today’s climate,” says FVP, Treasury Services Director Avery Farley. “Positive Pay enables businesses to take a proactive approach to fraud prevention rather than reacting after an incident occurs, fostering a more secure financial environment for their operations.”
 

Confidence in Every Payment

This service doesn’t just prevent fraud; it gives you peace of mind. By implementing Positive Pay, you can focus on what matters most — growing your business. With this tool in place, you’ll feel secure knowing your payments are carefully monitored and verified.

When it comes to safeguarding your business’s financial health, taking action today can save untold stress and expense tomorrow.
 

How Does Positive Pay Work?

Essentially, when you use Positive Pay, your bank helps monitor and verify payments. You submit details of issued checks or ACH payments, such as check numbers, amounts, and payee information. When a payment is presented for clearing, it is cross-referenced with the data you’ve provided. If there’s a mismatch or an unauthorized transaction, the system flags it as an exception, giving you the opportunity to review and approve or reject it.
 

Features That Make a Difference

Positive Pay is more than just a safeguard; it’s a streamlined way to monitor your accounts, catch errors, and gain confidence in your cash management. Top features include:

• Check Verification: All checks are matched against the data you’ve submitted before they’re cleared. Altered, counterfeit, or duplicate checks are caught and flagged for review.
• ACH Monitoring: Set transaction criteria specific to your business. For example, payments to a particular vendor above a set threshold can be flagged for further authorization.
• Daily Updates: Receive a detailed report of suspicious or unauthorized transactions, helping you respond promptly and mitigate risks.
• Integrated Account Reconciliation: Positive Pay simplifies reconciliation by integrating all transactions, ensuring up-to-date records of your credits and debits.

Why Positive Pay Matters

Fraud prevention is not just about saving money; it’s about peace of mind. When your accounts are secure, you can focus on driving your business rather than worrying about financial risks. Positive Pay also minimizes the time and effort required to monitor transactions daily, making it a valuable tool for businesses of any size. By implementing Positive Pay, businesses are taking a proactive approach to managing their risks. And in today's world, that’s not just a good idea; it’s a necessity.
 

Learn More

Learn more about Positive Pay and other Treasury Management solutions. Ready to get started? Contact a local branch office or call us at 877-802-1212.