Within any business, it is critical to be able to identify any fraudulent behavior and put a stop to it before it becomes a serious issue. Fraudsters are always looking for ways to commit theft, and one of those ways is creating and cashing counterfeit checks. To help prevent this, banks protect against check fraud with Positive Pay.
What is Positive Pay?
Positive Pay is a fraud prevention system offered by financial institutions to protect against forged, altered, or counterfeit checks that allow companies to review issued checks prior to payment. The Positive Pay service matches the check number, dollar amount, and account number against an authorized list provided by the company, and if the information does not match the check, the bank notifies the company and withholds payment. From there, the bank awaits a response from the company on whether to cash the check.
Positive Pay is a fully automated tool that is monitored by the Cash Management Department of the bank and serves as a form of insurance for the business. By identifying suspicious or unauthorized checks before they have the chance to clear, businesses can avoid thousands (or more) in financial losses.
How to Get Started
At Republic Bank, we know that the cash flow struggle is real, and we want to help businesses manage their daily finances more efficiently and protect against check fraud with Positive Pay for their hard-earned livelihood. Positive Pay through Republic Bank provides the peace of mind that comes with knowing your business accounts and transactions are protected.
Positive Pay is incredibly easy to set up and use and is an important tool for companies in any industry. Just one fraudulent incident could mean a difference for your business and its finances, so putting an extra layer of protection in place to reduce the risk of exposure to fraud is paramount.
To learn more about Positive Pay through Republic Bank or to get signed up, visit our Treasury Management page or reach out to one of our representatives at 800-526-9127 today!