Reduce Check Fraud in Your Business with Positive Pay
Were you aware that a staggering average of 1.2 million fraudulent checks enter the banking system every day and losses are growing 2.5% annually (source: American Bankers Association)?
If your business is still issuing paper checks, you may easily become part of those statistics.
And what a pain that would be – trying to work your way through unraveling the implications of a scammed check.
I have some great news for you!
There is an easy way to help prevent your business from becoming a victim of check fraud.
The solution is called Positive Pay.
POSITIVE PAY TO THE RESCUE
According to Wikipedia, “Positive pay is a service whereby the company electronically shares its check register of all written checks with the bank. The bank therefore will only pay checks listed in that register, with exactly the same specifications as listed in the register (amount, payee, serial number, etc.). This system dramatically reduces check fraud.”
This article on Positive Pay from Provident Bank also offers some insights into the benefits of using Positive Pay, which may include:
- A reduction of disbursements risk
- Simplifying your accounts payable process
- Improved control
POSITIVE PAY AND QUICKBOOKS
In order for this process to work, your bank needs to receive details about the checks you have written so they can compare it to the checks presented for them to clear.
Naturally, the details about the checks you have written could be manually created and uploaded to your bank.
However, this process should be automated to keep it fast and simple.
Even though millions of businesses use QuickBooks accounting software to issue their checks, there is no direct way to easily create a file of the checks you have written to upload to your bank. Unfortunately, there is no magic button within QuickBooks to tackle that task.
Enter the Treasury Software Positive Pay solution…
EASILY CREATE A POSITIVE PAY FILE FROM YOUR QUICKBOOKS DESKTOP OR QB ONLINE
The folks at Treasury Software have created a solution for QuickBooks users that allows them an easy point and click solution to creating a Positive Pay check file directly out of their QuickBooks company file.
Their solution works with both the desktop versions of QuickBooks (Pro, Premier and Enterprise) and the Online versions.
Here’s a quick visual of how it works:
With the Treasury Software Positive Pay for QuickBooks solution, QuickBooks users enjoy all of the features and benefits of Bank Positive Pay, such as:
- Easily create positive pay files in your bank’s format
- Quick setup with Bank Express Codes for your bank
- Full audit trail
- Exception reporting and research tools
VERY SPECIAL DISCOUNT CODE FOR MY READERS
The folks at Treasury Software have been kind enough to create a special discount code for my loyal readers that applies to all of their products (big thanks to Treasury Software!!)
To snag your 30% discount code on their Positive Pay for QuickBooks (or any other of their products), just type in the code BBL27 and you will get a 30% discount! It’s that easy…
WHAT’S YOUR EXPERIENCE WITH POSITIVE PAY?
Have you been using positive pay in your business to reduce check fraud?
Care to share your experience with it so everyone can learn more about it?
Just drop your comments in the box below (or click the “view in browser” if reading this via e-mail) to pass along your comments and insights. Greatly appreciate them!