How Positive Pay Protects Your Business
Fake check scams put every business at risk. But fraud protection is easy with Positive Pay, a cash management system that detects check fraud in your business. The best part is that you can use this tool to protect
your business through Online Banking!
Below, we’ve explained the basics of Positive Pay.
Positive Pay for checks
Positive Pay compares the checks you sent with the checks your clients and vendors deposit, ensuring they match. You simply upload a list of your check numbers, dollar amounts, and check dates. Then, if there’s a mismatched check, Positive Pay notifies you immediately. This system allows you to cancel the check before any scammer can fraudulently withdraw money.
Positive Pay for ACH
You can pay employees and vendors using ACH, also called direct deposit. With ACH Positive Pay, your business creates a list of approved vendors and clients that you regularly pay via electronic funds transfer. Positive Pay then notifies you of any payments to non-approved vendors.
Reverse Positive Pay
Reverse Positive Pay provides the same benefits as Positive Pay, plus a few extras! Reverse Positive Pay reviews your incoming and deposited checks for potential fraud, keeping your business in the clear. It also lets you set deadlines to ensure the right person cashes checks by the appropriate date.
Positive Pay and Reverse Positive Pay give you peace of mind, fraud protection, and more control over your business's finances. Learn more about Positive Pay at Horizon and enroll your business today.