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Positive Pay Fraud Prevention Service

What is Positive Pay?

Positive Pay is an automated fraud detection tool that matches the account number, check number, and dollar amount of each check presented for payment against a list of checks previously authorized and issued by your company.  All three components must match exactly or the check will not be paid without further investigation.

How does Positive Pay work?

Positive Pay requires you or someone on your staff to transmit a file of issued checks to the bank each day that checks are written.  When those issued checks are presented for payment at the bank (either at the teller window or through other items clearing your account), they are compared electronically against the list of transmitted checks.  The check-issue file sent to the bank contains the check numbers, account number, issue date, and dollar amount.

When a check is presented that does not 'match' an item in a transmitted file, it becomes an 'exception item'.  When exceptions are present, the bank will notify you that 'exception items' are present and post a list of these items for your review and instruction on whether to pay or return.  If you fail to review the Exception Item List by a designated time each day, the 'exception items' will automatically be returned and not paid.  For items presented at the teller window that do not match your transmittal files, we will decline to accept the check and will refer the presenter back to you.

Why should I use Positive Pay?

Positive Pay is an important tool for your business for a number of reasons.

  • Opportunity to significantly reduce exposure to fraud.  Identify unauthorized transactions, including counterfeit or altered checks, before final payment.
  • Quick and easy to use.  View your exceptions online and decide which ones should be paid.
  • Simple file upload process.  Use the built-in template-based file import capability for easy upload.
  • Saves time and money.  By reducing the potential for check fraud, Positive Pay can save you time, effort, and expense.

Learn More

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To find out how your business can benefit from Progressive's Positive Pay Fraud Prevention Service, e-mail our Cash Management Specialist Ginger Holton.

For your protection, please do not include any sensitive information such as account numbers or service requests on e-mail. This e-mail should only be used for general questions or comments.

Ginger-Squyres

Ginger Holton

Corporate Office / Monroe
(318) 651-5051
gholton@progressivebank.com

   

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