Hi, We Mudiam ACHbiz is here to tell you about how
our Positive Pay Software is helpful to the corporate world mostly employees and
also provide flexible service in Texas.
Before that I would like to rise up a question what
is Positive Pay?
Positive Pay is an automatic fraud detection tool
offered by the money Management Department of most banks. In its simplest type,
it's a service that matches the account range, check range and dollar quantity
of every check given for payment against a listing of checks previously
approved and issued by the corporate. All 3 elements of the check should match
precisely or it'll not pay.
When you pay employees
by check, you want to make sure they encash the check for the correct amount
with the correct check date and payee is unaltered. By having positive pay file
using our software – you can alert your banking institution that only checks
you issued from your company check book. This will help limit the check fraud,
if any. We help you create positive pay file for any US Bank. Once you create
positive pay file, you can send it to your bank.
Positive Pay works as:
Positive Pay needs the corporate to send (transmit)
a file of issued checks to the bank on a daily basis checks are written. Once
those issued checks are conferred for payment at the bank, they're compared
electronically against the list of transmitted checks. The check-issue file
sent to the bank contains the check range, account range, issue date, and
dollar quantity. Generally the recipient name is enclosed; however isn't a part
of the matching service.
When a check is conferred that doesn't have a
"match" within the file, it becomes an "exception item".
The bank sends a fax or a picture of the exception item to the consumer. The
consumer reviews the image and instructs the bank to pay or come the check.
There is typically a fee charged by the bank for
Positive Pay, though some banks currently supply the service for free of
charge. The fee would possibly rather be thought of an "insurance
premium" to assist avoid check fraud losses and liability.
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