Positive Pay provides an extra layer of protection for your business by flagging suspicious activity involving checks. It introduces an additional approval step to focus attention where it’s needed, ultimately reducing risk and expenses related to fraudulent transactions, while ensuring they are rejected before posting to your account.
Protect your Business from Electronic and Check Fraud
Exposure to fraudulent check activity can be problematic and can expose your business to various issues. Catching these before they escalate is where Positive Pay with SmartBank steps in.
When a business check is presented for payment, Positive Pay cross-references it with the detailed file you provide, verifying each check. The system then reviews the checks and issues an alert if there is a discrepancy in the issue date, amount, check number, or payee.
SmartBank’s dedicated Treasury Management Team is committed to ensuring the integrity of your business and will personally assist you with any questions, as well as the implementation and necessary training to utilize the service.
Choose Your Level
of Protection:
Check Positive Pay
• Issue Date
• Amount
• Check Number
• Payee
ACH Positive Pay
Fraud Prevention Package
Includes both ACH
and Check Positive Pay
How Positive Pay Works
Checks
- Upload check information directly in your online banking (file uploads and manual inputs are both available).
- Positive Pay compares checks presented on your account to the information you uploaded to the system.
- If the information doesn’t match, the item becomes an “exception” and flagged for your review.
- After reviewing the exceptions, you will chose to pay or return items via your online banking portal.
ACH
- Creates personalized rules and transaction limits for each vendor that you allow to debit your account via ACH.
All commercial checking and money market accounts qualify. If not already a Treasury Management client, you will be upgraded to the Treasury online banking platform in order to utilize the program. Agreement required. Fees apply. No approval necessary.