When it comes to running a business, safeguarding your hard-earned money should always be a top priority. Unfortunately, fraud is a growing concern for businesses of all sizes. That’s why Richwood Bank offers Positive Pay—a simple yet effective tool designed to block fraudulent transactions before they can clear your account.
How Does Positive Pay Work?
Positive Pay helps protect your business in two key areas: checks and ACH (automatic payments). Here’s how each version works:
If your business issues checks, this tool is essential.
- You upload a list of checks you’ve issued, including details like check numbers, amounts, and payees.
- As checks are presented for payment, they’re compared to your uploaded list.
- Any discrepancies, such as mismatched check numbers or amounts, trigger an alert.
- Each day, you’ll have the ability to review these alerts and decide whether to approve the checks or return them as fraud.
ACH transactions may be more secure than checks, but they’re still not immune to fraud. ACH Positive Pay adds an extra layer of protection:
- You provide details about which companies are authorized to pull funds from your account.
- Any transactions that don’t match your specifications will trigger an alert.
- You can quickly review and decide whether to approve or return the transaction as fraud.
Why Is Positive Pay Worth It?
Fraud can go unnoticed for days, weeks, or even months—and by the time it’s discovered, recovering those funds can be nearly impossible. Here’s why Positive Pay is a game-changer:
- Quick Detection: Banking rules may require certain items to be returned within 24 hours to ensure recovery. Positive Pay gives you the tools to identify and act on fraudulent transactions within that critical window.
- Proven Success: Since May 2023, Positive Pay has already saved over $276,000 in fraudulent transactions for our customers.
- Improved Cash Flow: By preventing fraudulent payments, you maintain better control over your cash flow and avoid unexpected financial disruptions.
- Peace of Mind: Whether you issue checks or rely on ACH payments, Positive Pay helps ensure your hard-earned money stays where it belongs.
Who Should Use Positive Pay?
Businesses that issue checks to vendors or employees may be vulnerable to check fraud. ACH payments also carry a risk, as routing and account numbers can be misused for unauthorized transactions. Positive Pay is a tool that businesses can use to enhance their fraud prevention measures and safeguard their financial assets.
Interested in Learning More?
Positive Pay could be the missing piece in your fraud prevention strategy. If you’re curious about how it works or whether it’s the right fit for your business, our team is here to help.
Contact Bethany Watts, our Regional Business Development Manager, to schedule a meeting and learn how Positive Pay can add an essential layer of security to your business banking.
Don’t wait—fraud prevention starts today!