Positive-Pay

Prevent Check Fraud with a Simplified Positive Pay Process

Our work days are completely filled with meetings and tasks. The last thing we need worry about is potential check fraud. This will not come as a shock to anyone, but check fraud is a serious problem for businesses. Organizations now have to carry some of the burden of preventing check fraud.

One quick solution is to send a Positive Pay file to the bank after every check run. Positive Pay is a treasury management service offered by most banks to combat check fraud. Once enrolled in a Positive Pay program (often at no cost), an organization will electronically send check data to the bank. The bank will use this data to authenticate payment of checks and decline any check that does not match the data supplied.

While it is easy to send a Positive Pay file to the bank, trying to find time to gather the check information and create the file is difficult. Banks require the file to be in a certain format, and taking the time to correctly format a file can cut into the time needed for other tasks.

There is No Need for Added Stress
Clients are always pleased at how fast and easy it is to implement and use PosPay™ which creates these data files in the format required by the bank. PosPay operates inside The Financial Edge directly on the Accounts Payable bank record form. There is one button to use to setup and create PosPay files.

PosPay remembers the last check number processed in the previous PosPay file so there is no need to research or remember starting check number. Any checks voided during the most recent check run are included in the file. Optionally, all checks voided since a certain date can be included in the file.

After a check run, the only step to take is pressing the “Create Positive Pay Files” button in the bank record. PosPay will create the file based on the specifications from the bank. There is no need to setup an export or massage the data. Simply save the file and send it over to the bank.

One Less Thing to Worry About
Though check fraud is a serious problem, it can be easy to help combat. With the right process in place, it only takes a minute to create and send the file over to the bank. The bank can then use that file to authenticate the checks and work towards preventing check fraud… making life easier for you and your organization!

 

 

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