The Positive Pay application facilitates the creation of a Positive Pay report that contains matching check information with the check issued by a company for payment at the bank. Positive Pay is used by the bank to detect fraud. This results in any suspicious check being sent back to the issuer for review.
The benefits of the Positive Pay applications
- Reconciles checks to verify the company’s recorded amount with the bank statement.
- Verification of checks: Positive Pay will prevent payment of duplicate checks and protect against lost or stolen checks.
- Easy reconciliation of your business’ payroll.
- Simplifies your accounts payable process.
- Improves audit control.
- Improves accuracy of deposit balancing.
- Reduces disbursement risk.
- Saves your business time and money.