Check fraud can affect businesses of any size, potentially disrupting cash flow and creating time-consuming accounting issues. Florida Capital Bank offers Check Positive Pay and Payee Positive Pay services to help business owners identify suspicious checks before payment is processed.
What Is Check Positive Pay?
Check Positive Pay is a business banking fraud-mitigation service that compares checks presented for payment against a file of checks issued by your business.
The system reviews key check details, such as the check number and dollar amount. If the information does not match, the transaction is flagged as an exception for your business to review. You can then decide whether the check should be paid or returned.
Check Positive Pay can help your business:
- Identify altered, duplicate, stolen, or counterfeit checks
- Review check exceptions before payment
- Respond more quickly to suspicious activity
- Strengthen internal payment controls
- Reduce the risk of potential financial loss
Add More Protection With Payee Positive Pay
Payee Positive Pay adds another layer of check fraud protection by reviewing the name of the person or business receiving the payment.
Using optical character recognition, or OCR, the system compares the payee name on a presented check with the payee information submitted in your issued-check file. A mismatch may indicate that the original check was altered after it was issued.
This additional verification helps businesses detect potential payee alterations that standard check-number and dollar-amount matching may not identify.
Why Check Fraud Protection Matters
Even businesses with strong internal accounting procedures can be vulnerable to check fraud. Fraudulent checks may result in financial loss, interrupted cash flow, additional administrative work, and lengthy investigations.
Check Positive Pay and Payee Positive Pay provide greater visibility into check activity, allowing your business to review exceptions and make more informed payment decisions.
Strengthen Your Business Banking Security
Check Positive Pay works best when combined with strong internal controls and daily account reconciliation. Together, these practices can help your business monitor check activity and respond quickly when something does not look right.
Florida Capital Bank’s Treasury Management team can help you determine how Check Positive Pay and Payee Positive Pay may support your company’s fraud-prevention strategy.
Help protect your business accounts from check fraud.
Contact Florida Capital Bank today!