Protect Your Business Assets With Positive Pay

The digital age has brought new and increasingly sophisticated fraud tactics targeting businesses of all types and sizes. Meanwhile, technological advancements have also enabled highly effective security tools like Positive Pay, which offers many advantages to small businesses looking to proactively safeguard their finances. It operates on a simple but powerful premise: verification before authorization.

Here’s what business owners stand to gain from enabling Positive Pay:

• Stronger Internal Control

Businesses create an electronic issue file containing amounts, payees, and other details for issued checks or ACH payments. These files give business owners the opportunity to validate their outgoing expenses. Plus, Positive Pay can often be integrated into accounting or ERP systems, allowing for streamlined cash management.

• Accurate Payment Comparison

When checks or ACH payments are presented for clearing, the financial institution compares them against the issue file. The payment comparison process can also catch errors that could cost you money or take time and effort to rectify.

• Deeper Business Review

Any discrepancies, like mismatched amounts or unauthorized payees, are flagged as exceptions. The financial institution notifies the business of any exceptions, and the business can decide to approve or reject the payment.

• Enhanced Fraud Prevention

Positive Pay’s core function is to protect your business’s financial assets from scammers or dishonest employees.

• Improved Vendor Relations

If vendors know a business uses Positive Pay, they’ll be more confident in trusting check and ACH payments.

Stay Safe Out There

WesBanco offers professional services for businesses of all sizes, including Positive Pay and other next-level account security tools. Ready to get started? Visit a local banking center today or click the button below to schedule an appointment with a WesBanco business banker.

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Content is for informational purposes only and is not intended to provide legal or financial advice. The views and opinions expressed do not necessarily represent the views and opinions of WesBanco.

While we hope you find this content useful, it is only intended to serve as a starting point. Your next step is to speak with a qualified, licensed professional who can provide advice tailored to your individual circumstances. Nothing in this article, nor in any associated resources, should be construed as financial or legal advice. Furthermore, while we have made good faith efforts to ensure that the information presented was correct as of the date the content was prepared, we are unable to guarantee that it remains accurate today.