As a business owner, you work tirelessly to drive growth and profitability. But what good are those efforts if your company’s assets aren’t secure? Fraud is an ever-present threat that can undermine your hard work in an instant. At Penn Community Bank, we understand just how devastating fraud can be – emotionally, operationally, and financially. That’s why offering robust security solutions like positive pay is a core part of our cash management services.
What is Positive Pay?
Positive pay is an automated cash management service that acts as a vital safeguard against check fraud for your business accounts. Here’s how it works:
Whenever your company issues checks, you provide Penn Community Bank with a list of check numbers, payee names, payment dates, and dollar amounts through a secure transmission. The bank’s positive pay system then matches every check presented for payment against this list of authorized checks you’ve issued. If a check doesn’t match, it’s flagged as potentially fraudulent and payment is withheld pending your review and decision.
Why is Positive Pay So Important?
Check fraud costs businesses billions each year and can have devastating impacts. Positive pay is one of the best preventative tools to protect your accounts from this threat in several key ways:
- Deters Criminals – Criminals are likely to bypass accounts protected by positive pay since they know their counterfeited checks will be detected before being paid.
- Mitigates Losses – If a fraudulent check does make it through, positive pay allows you to catch it before the payment clears, preventing financial losses to your business.
- Saves Time & Money – Without positive pay, your staff must manually review every check, tying up valuable personnel resources. This automated service streamlines the process.
- Reduces Stress – Positive pay gives you peace of mind knowing your accounts have an added layer of protection against fraud committed by external and internal parties.
A Comprehensive Fraud Prevention Systemย
At Penn Community Bank, we’re committed to not just meeting your depository needs, but acting as a trusted advisor for your organization’s financial wellbeing. Our positive pay service is part of a multi-layered fraud prevention system that includes additional security features:
- ACH Fraud Filters – Protect your accounts from unauthorized ACH debits that could be fraudulently initiated.
- Check Imaging – Digital images of cleared checks are provided for easier monitoring and record keeping.
With check fraud schemes growing increasingly sophisticated, implementing these complementary services creates a comprehensive cash management program to safeguard your assets from multiple angles.
Don’t leave your business vulnerable to criminal exploitation. Implement positive pay through Penn Community Bank’s cash management solutions today. One of our experienced Cash Management specialists would be happy to discuss your unique needs and build out a customized fraud prevention plan.
