PREVENT CHECK FRAUD WITH POSITIVE PAY
Check fraud is on the rise, but Farmers State Bank is here to help safeguard your business. Discover Positive Pay, an automated service designed to detect and prevent fraudulent checks before they are processed.
What is Positive Pay? Positive Pay is a powerful tool that acts as insurance against check fraud, ensuring that your financial assets stay protected. The system works by cross-referencing checks presented for payment against a list provided by your company. Suspicious checks are flagged and sent back to you for review, protecting you from potential fraud, losses, and liabilities.
How Positive Pay Works:
- Enrollment: Your business enrolls in the Positive Pay program.
- List Submission: You submit a list of checks to the bank, including payees, dates, amounts, check numbers, and the relevant account information.
- Validation Process: The bank verifies each check against the list when presented for payment.
- Secure Processing: Validated checks are processed seamlessly.
- Exception Reporting: Checks that do not match the provided list are flagged as exceptions, and the bank notifies you immediately.
- Approval: You review the flagged items and instruct the bank to either approve or reject them.
Why Choose Positive Pay?
- Peace of Mind: Protects against forged, altered, or counterfeit checks.
- Automated Safeguards: Matches critical details like date, check number, dollar amount, and account number.
- Control & Security: Keeps you informed and in control with real-time exception reporting.
Without these security measures, counterfeit checks could be processed and honored, leading to potential financial setbacks. Positive Pay provides a comprehensive layer of protection, ensuring that your business remains secure from fraudulent activities.
Get Started Today Interested in learning more about how Positive Pay can benefit your business? Contact our customer service representative for more information on this essential service.