While electronic (ACH) transactions are becoming the norm, fraud still exists. Fraudsters create counterfeit checks and other electronic (ACH) transactions that can clear the bank without you even realizing it. That’s why Positive Pay is one the most effective ways to ward off fraud and keep your hard-earned money safe. Think of Positive Pay as protection like an insurance policy.
What is Positive Pay?
Positive Pay refers to cash-management services Coulee Bank and other financial institutions use to deter fraud. Annie Bertram, Treasury Management Manager at Coulee Bank says, “It’s the number one product that gives customers the ability to protect their business account. Positive Pay essentially allows the customer to approve or deny payment of all checks and electronic (ACH) transactions.”
Positive Pay is so important because customers have limited time to dispute transactions. If fraudulent transactions aren’t disputed within those time frames, it is possible the money may not be recovered.
Discover How to Deter Check Fraud
Positive Pay is a system used to match the date, check number, dollar amount, payee, and account number of each check or electronic (ACH) transaction. Additionally, it allows the customer to approve or restrict electronic (ACH) debits to their account.
Each day, an email alert is sent to the customer to notify them of any Positive Pay exceptions. Bertram recommends reviewing these exceptions first thing every morning. It’s possible to train your in-house bookkeeper, accountant or receptionist to monitor these transactions without them having access to your entire bank account.
Businesses sometimes feel the start-up process is intimidating, but the Coulee Bank Treasury Management team is available for ongoing assistance. Positive Pay is worth the extra time it takes to set up, and it eliminates the need to close any accounts if they are ever compromised.
Positive Pay is a Worthwhile Investment
Cost varies by institution, but Bertram says Coulee Bank’s rate is extremely competitive. Not only is the monthly fee inexpensive, but Bertram’s team provides one-to-one training, so you know exactly how to use the product effectively.
All told, Positive Pay helps to determine any suspicious transactions quickly. Start the year off right and protect the money you earn. Contact your Coulee Bank Treasury Management team to get started today.