Protect your business with Positive Pay
We don’t have to tell you that running a business is hard work. And in your busy everyday schedule, the last thing you want to have to worry about is the possibility of fraud. That’s where Positive Pay comes in.
Positive Pay is a tool that helps reduce the risk of fraud by matching checks and ACH transactions with a disbursement list provided by your business. This helps to ensure that only authorized transactions end up getting processed.
In short, Positive Pay makes sure your payments are going to the right places. And with the addition of payee match verification, Positive Pay is going above and beyond to make sure your business doesn’t fall victim to fraud.
Once enrolled in Positive Pay, your business provides Everwise with a list of authorized payments, which is then referenced before processing checks for payment. The list includes important identifiers that Everwise will review, like:
If any fields do not match, the check will be flagged by the financial institution and put on hold so the business can be notified. The business will then have a chance to review any flagged items and decide whether the check should be cashed.
With Positive Pay, you can identify fraudulent transactions before they even happen, saving valuable time and protecting your bottom line. This streamlined process helps business owners rest assured knowing that they have an extra layer of defense, and keeps their focus on running the business, instead of on the potential for fraud.
Unlike consumer accounts, business accounts only have 24 hours to report unauthorized transactions to avoid liability. Positive Pay helps notify businesses of flagged transactions immediately, so that you don’t learn about fraud attempts only after it’s too late.
Fraudulent transactions can be costly, but Positive Pay mitigates your risk. By automating the process, you’ll avoid the hassle of manually reviewing payments with the added benefit of enhanced security.
Positive Pay is only as accurate as the information submitted to the financial institution. To ensure maximum protection, check records should be accurate and timely. It’s often best to appoint a specific person to review and upload the disbursement list directly, so you can avoid any last-minute changes that may result in a flagged transaction (and extra work for you). That said, someone will also need to review any flagged transactions to make a final decision on the payment in question.
All in all, Positive Pay is an effective way to manage payments and streamline your business’s processes. It reduces the risk of unauthorized payments, and increases your peace of mind, which can often be even more valuable than the money you’ll save by avoiding fraud.
Positive Pay is just one of the tools that the Everwise Business Team uses to take care of their clients. Together, let’s put you in control and reduce the risk of fraud so you can more confidently run your business.
In short, Positive Pay makes sure your payments are going to the right places. And with the addition of payee match verification, Positive Pay is going above and beyond to make sure your business doesn’t fall victim to fraud.
How does it work?
Once enrolled in Positive Pay, your business provides Everwise with a list of authorized payments, which is then referenced before processing checks for payment. The list includes important identifiers that Everwise will review, like:
- Payee Name
- Check Number
- Issue Date
- Dollar Amount
If any fields do not match, the check will be flagged by the financial institution and put on hold so the business can be notified. The business will then have a chance to review any flagged items and decide whether the check should be cashed.
Enhanced security with Positive Pay.
With Positive Pay, you can identify fraudulent transactions before they even happen, saving valuable time and protecting your bottom line. This streamlined process helps business owners rest assured knowing that they have an extra layer of defense, and keeps their focus on running the business, instead of on the potential for fraud.Unlike consumer accounts, business accounts only have 24 hours to report unauthorized transactions to avoid liability. Positive Pay helps notify businesses of flagged transactions immediately, so that you don’t learn about fraud attempts only after it’s too late.
Fraudulent transactions can be costly, but Positive Pay mitigates your risk. By automating the process, you’ll avoid the hassle of manually reviewing payments with the added benefit of enhanced security.
Make Positive Pay work harder for you.
Positive Pay is only as accurate as the information submitted to the financial institution. To ensure maximum protection, check records should be accurate and timely. It’s often best to appoint a specific person to review and upload the disbursement list directly, so you can avoid any last-minute changes that may result in a flagged transaction (and extra work for you). That said, someone will also need to review any flagged transactions to make a final decision on the payment in question.All in all, Positive Pay is an effective way to manage payments and streamline your business’s processes. It reduces the risk of unauthorized payments, and increases your peace of mind, which can often be even more valuable than the money you’ll save by avoiding fraud.
Positive Pay is just one of the tools that the Everwise Business Team uses to take care of their clients. Together, let’s put you in control and reduce the risk of fraud so you can more confidently run your business.
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To learn more and get started with Positive Pay, contact our Business Services team. We'll be happy to walk you through every step of the process.
Disclosure
All information presented on this page is for educational purposes only and doesn’t constitute tax, legal, or accounting advice. It is to be considered as general information, not recommendations. Please consult with an attorney or tax professional for guidance.