Reduce your risk of check fraud.
With advanced cash management solutions from Elsewhere Bank, you can upload your check issue files directly into our Positive Pay system, which validates the authenticity of all checks presented against your account.
What is Positive Pay?
Positive Pay is a web-based check reconciliation and Automated Clearing House (ACH) transaction monitoring solution providing a powerful fraud prevention tool that is focused on the check and ACH transaction management needs of corporate clients.
Financial losses from check and ACH fraud reach into the billions each year and affect companies of all sizes. To curb this activity, Elsewhere Bank offers Positive Pay as an integral part of our business cash management suite of services.
Simple, secure and automated
- Positive Pay offers a robust browser interface for commercial customers, which eliminates the need to install software on client workstations.
- The nightly account reconcilement process automatically alerts the client by email if either check exceptions or ACH exceptions require a pay or return decision.
- Clients can make such decisions, view images of checks in question, analyze reconcilement reports and submit electronic issued check files all via the web in a secure paperless environment.
Positive Pay features
- Safe, secure, and fast.
- Ability to upload your check issue files for validation.
- Checks that meet your criteria are paid.
- Flagged exceptions are available for quick decisioning.
- Imaged checks are available online for payment or return decisions.
- Automated emails to notify clients when exception items are present.
- On-line exception management enables the client to make pay/return decisions via the web for check and ACH exceptions.
- Check image integration allows the client to view images of exception items.
- Integrated data mapping utility allowsthe bank to accept issued check file formats that are native to the client’s accounting system.
- Automated processing of submitted issued check files eliminates manual intervention when clients submit issued check files.
Positive Pay fees
|Reports Only||$25 per month|
|No Reconciliation||$125 per month|
|With Reconciliation||$150 per month|
|Full Package||$200 per month|
|Each Additional Account||$5 per month|
- Fee: $100 per month plus $.30 per payment and an additional $.04 for hand-keyed items
- Available only with Elsewhere Bank business checking accounts.
- Some restrictions may apply. Please call for details.