The digital age has brought new and increasingly sophisticated fraud tactics targeting businesses of all types and sizes. Meanwhile, technological advancements have also enabled highly effective security tools like Positive Pay, which offers many advantages to small businesses looking to proactively safeguard their finances. It operates on a simple but powerful premise: verification before authorization.

Here’s what business owners stand to gain from enabling Positive Pay:

• Stronger Internal Control
  Businesses create an electronic issue file containing amounts, payees, and other details for issued checks or ACH payments. These files give business owners the opportunity to validate their outgoing expenses. Plus, Positive Pay can often be integrated into accounting or ERP systems, allowing for streamlined cash management.
• Accurate Payment Comparison
  When checks or ACH payments are presented for clearing, the financial institution compares them against the issue file. The payment comparison process can also catch errors that could cost you money or take time and effort to rectify.
• Deeper Business Review
  Any discrepancies, like mismatched amounts or unauthorized payees, are flagged as exceptions. The financial institution notifies the business of any exceptions, and the business can decide to approve or reject the payment.
• Enhanced Fraud Prevention
  Positive Pay’s core function is to protect your business’s financial assets from scammers or dishonest employees.
• Improved Vendor Relations
  If vendors know a business uses Positive Pay, they’ll be more confident in trusting check and ACH payments.

Stay Safe Out There
Contact us to learn more about implementing Positive Pay and other next-level account security tools.