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Whether your business uses checks or electronic ACH payments as a part of its payment processes, there’s one tool you absolutely need to have in your business safety toolkit – Positive Pay. Using this software is one of the most effective ways to protect your company’s finances. It acts as a frontline defense that gives you greater control and peace of mind. In this blog, we’ll explore why implementing Positive Pay is not only smart for your business, but a necessity for your back-end process. Our Positive Pay tools give your business the control and security it needs to stay a step ahead of fraudsters.
What Is Positive Pay?
Positive Pay is a fraud-prevention feature offered by some financial institutions, First National Bank of Oklahoma included. Now we know what you might be thinking, “Do people still write checks?”. Surprisingly, yes. While electronic payments are growing, checks remain a key method of payment, especially for B2B (Business to Business) transactions. But as always, with that form of payment there does come risk.
At First National Bank of Oklahoma, we offer two types of Positive Pay:
- Check Positive Pay
- ACH Positive Pay
Let’s explore both and how they work for your business.
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Check Positive Pay: Business Defense
According to the American Bankers Association, check fraud remains one of the most common forms of payment fraud. With our Check Positive Pay service, you simply provide us with a list of checks your business has issued and their details. Each item will need to include the check number, issue date, payee, and dollar amount.
As checks are presented for payment, we automatically compare them to your list you provided.
- If everything matches, the check is paid.
- If there’s a discrepancy, it’s flagged as an “exception item,” and you get to decide whether to approve or reject it.
It’s quick, easy, and highly effective. Think of it as giving your checks a layer of security that travels with them. Or having that extra assistant that you’ve been wanting to hire.
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ACH Positive Pay: Securing Your Electronic Transactions
Electronic fraud is evolving so your defenses should too. Our ACH Positive Pay service offers similar protection for your electronic payments. This is especially useful for catching unauthorized recurring withdrawals, vendor fraud or even internal payment errors.
With ACH Positive Pay, your business defines a set of rules like the following:
- Which specific vendors or accounts are authorized to debit your account
- What dollar amounts are acceptable
When an ACH transaction attempts to clear your account, it’s reviewed against your rules.
- If it’s authorized, it processes as normal.
- If it doesn’t match, we flag it and let you decide whether to return or accept it
Why Businesses Trust First National Bank of Oklahoma for Positive Pay Services
With us, we don’t just offer Positive Pay, we support you every step of the way. Here’s what we think sets us apart:
- Customized Setup & Support
We’ll help you implement both Check and ACH Positive Pay, integrating the solution with your existing accounting or primary systems for a smooth workflow. We make the transition easy by pairing you with a knowledgeable Treasury Services Representative to start your journey and help you get informed.
- Emailed Alerts & Daily Review Tools
Our secure online banking portal gives you full visibility into flagged transactions, so you can make quick decisions and prevent losses. Approve it, deny it, or investigate further all electronically. That level of control over your cash flow is priceless and provides that full transparency everyone is looking for.
- Personalized Service & Peace of Mind
Our business banking team understands your unique needs and is always available to help optimize your fraud protection strategy. It’s one less thing to worry about when juggling a million other responsibilities that come with being a business owner.
- Affordable Fraud Protection & Reputation
Positive Pay is a low-cost service compared to the potential losses from fraud and it’s scalable for businesses of all sizes. It’s like having a watchful eye over every single check transaction, except you don’t have to do the watching. When vendors know you take payment security seriously, it enhances your business reputation and results in growth. They’re more likely to trust you, and that can open the door to stronger partnerships.
So Who Should Use Positive Pay?
If you’re a business that still uses paper checks (even occasionally), Positive Pay is clearly worth considering. It’s especially useful for industries like construction, property management, legal, medical, or any company that handles multiple vendor or payroll payments.
Even if check or ACH fraud hasn’t hit your business yet, it’s better to be proactive. Think of it like insurance. You hope you will never need it, but you’ll be glad you have it when things go sideways.
Let’s Chat
In today’s world, where financial scams and fraud tactics are getting more sophisticated, Positive Pay is a simple, effective way to safeguard your business. It doesn’t just save money but it also saves time, reputation, and stress. Fraud doesn’t wait and neither should your protection strategy.
Contact First National Bank of Oklahoma today to learn how our Check and ACH Positive Pay solutions can help protect your accounts, streamline your operations, and give you peace of mind. We’re here to help you implement it quickly and confidently, without interrupting your daily operations. Stay secure and stay in control. Choose Positive Pay.