What is Positive Pay?
Positive Pay is a fraud prevention system offered by most major banks designed to protect against forged, altered and counterfeit checks thus this system acts as a form of insurance for a company against fraud, losses, and other liabilities to the bank.
The way this system works is you must submit a positive pay report that contains the details of your check payments such as amount, check number, account number & payee. The bank will compare every check presented for payment to Positive Pay report you provide them with.
When the information on the check presented to be deposited doesn’t match the report, the bank can take actions such as:
- notify you through an exception report
- withhold payment until the you advise the bank to accept or reject the check.
- Flag the check
- Notify a company representative
- Seek permission to clear the check
With significant changes occurring in accounts payable technology, preventing check fraud has become a growing concern. Positive Pay is an essential part of every check fraud prevention program. It prevents check fraud, helps reduce your liabilities, and assists in maintaining your valuable reputation. By implementing positive pay into you’re A/P workflow, you can protect yourself and your business from the billions of dollars in check fraud that occur annually.
- Simplifies your accounts payable process.
- Improves audit control.
- Reduces disbursement risk.
Maximize protection with Checkflo
With Checkflo’s Positive Pay report, we make it easy to convert your payments data into a file that matches your bank’s report specifications. On top of the Positive Pay report, our Checkflo platform also provides additional security features for your protection:
- Data Encryption
- Batch Approvals
- Accountant Friendly Reports
Protect your organization with our industry-leading fraud prevention tools. Our Positive pay report and 7+ advanced security features are built directly into your payment flow at no additional cost! Enjoy stronger security so you and your clients can have peace of mind.
How it works with Checkflo
You simply submit your checks as normal to Checkflo either by QuickBooks online, CSV file upload or via API integration. A Positive Pay file is immediately generated by Checkflo that can be formatted to your banks Positive Pay specifications for you to submit to your bank.
Checkflo’s positive pay format supports all major US banks allowing you generate a report with all the pertinent details your bank will use to protect you from check fraud. Checkflo also supports a universal file format, csv.
Payee Positive Pay Compatible – We generate positive pay files for payee name verification. The file includes a record of the Date, Amount, Check Number/Account, Payee Name, and more
Find out first-hand how Checkflo can back up your payment data and protect it with multiple layers of security.
For more information on secure check printing & fulfillment services, contact Checkflo at 1-855-561-4273 or email us at info@Checkflo.com