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Prevent check fraud with the Positive Pay module.
Positive Pay for Dynamics SL is a
powerful, yet very simple process in preventing check fraud. While
each bank utilizes Positive Pay in slightly different ways, the
general process is universal:
After a company has issued checks (but
before they distribute them), they provide a report of those checks to
the bank. The report contains critical information such as the check
numbers, dates, amounts and account numbers and is normally transmitted
electronically. When the time comes for the bank to pay or not pay the
check, they will compare the check to the Positive Pay report.
If the
information on the check is not identical to the entry in the
Positive Pay report, the check is not paid until the bank can
get an approval or denial from the company. This protects your
company from check fraud because criminals cannot cash
fraudulent checks just by using your account number. This also
prevents payees from altering the check amount or other pieces
of information.
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