Business Banking Fraud Protection with Positive Pay
Check off on every check.
Positive Pay protects against check fraud by preventing criminals from cashing fraudulent checks, using stolen account numbers or altering check amounts. When an exception does occur, an email is sent advising you to log into Positive Pay for review. An image of the check will be available to help you decide whether to pay or return.
With Positive Pay, you have the peace of mind knowing only your official checks will be paid. Here’s how it works:
- First Financial receives a list of issued checks
- Check information is stored on the bank’s system
- As checks are presented for payment, the check is matched against the official list of issued checks.
- Exceptions, or mismatches, are presented to designated staff for approval or return
Positive Pay system is web-hosted, so it’s easy to use and always available. You can send your issued item information in a Microsoft Excel file, delimited file, or fixed-width file. For manual checks, simply enter individual checks into the system.
Positive Pay offers a variety of reports to view or download, such as:
- Paid items
- Outstanding Items
- Stop Pay History
- Account Reconciliation
What businesses are best suited for Positive Pay?
- Businesses with a high volume of checks with potential for fraudulent activity.
- Businesses that want the added assurance of knowing only approved checks will post to their account.
- Businesses issuing checks to the general public that are easily subject to fraud.
Features and Benefits
- Secure web hosted application accessible from any internet connected device. The ability to review exceptions report each day
- May be used to assist with account reconciliation
- Increased control – Positive Pay can virtually eliminate fraudulent checks from posting to your account
- Export a Reverse Positive Pay file for automated account reconciliation
For more information about Positive Pay, contact us by calling 877.627.7201 or emailing BusinessBanking@ffin.com.