Use technology to fight fraud
Fraud remains a big challenge for businesses who process both electronic payments and paper checks. Some thieves cash fraudulent checks using stolen account numbers, while others alter dollar amounts on otherwise legitimate checks. Positive Pay is an automated detection tool that protects your business against altered, forged, and counterfeit checks and electronic payments.
- Businesses send ConnectOne a file containing the check number, date, and dollar amount for each check the business and authorized vendors have written.
- When a check is presented for payment, the bank compares it against information in the check file.
- When there’s a discrepancy, you'll be able to view and decision in your Business Online Banking site.
- Payment is withheld until the business instructs ConnectOne to pay or reject the check.
- Businesses can use Positive Pay for ACH payments as well. Businesses view all incoming ACH debit transactions on accounts and select which transactions to approve.
- Businesses can set maximum dollar transaction amounts for any originator of ACH transactions.