If your business uses software to track your finances and issue checks, you can simply create a file of all the checks you've written and upload that into Positive Pay. Once uploaded, Positive Pay knows which checks are valid. Any time a check clears your account, Positive Pay will verify it against your list of valid checks. If it doesn't appear, you're sent a notification to review the item. In short, every single check is verified to protect you against loss.
With only 1 business day to return most business ACH transactions, Positive Pay monitors your account so that any unauthorized transactions are returned promptly. During the initial setup, you'll create filters which only allow valid ACH transactions to clear your account. After that, any unverified ACH transaction will prompt an email notification informing you to review the item. Just as with checks, Positive Pay is always watching, protecting your accounts against loss.
Positive Pay comes with a lot more than unauthorized activity monitoring. It also comes with a variety of reporting and search features:
Stale Dated Check Report
This useful report will show all outstanding checks that are older than six months. Many businesses don't want old checks cluttering up their books. This simple report will help you remove them, and once a check is stale-dated Positive Pay will flag it for review were it ever to clear your account.
Issued, Paid, and Outstanding Check Reports
Do you have a check that needs verification that it has cleared? You can search by check number, amount, issued account, issued date, and even payee to see which checks are outstanding, and which have been paid.
We have three different reconciliation reports:
- Account Reconciliation
- Check Reconciliation
- Deposit Reconciliation
Unauthorized transactions can be returned within Positive Pay. In the event of a return, we will contact you and walk you through what we need to make sure the process goes as smoothly as possible. We even have forms within Positive Pay that can be filled out--saving yourself a trip to the bank.