Positive Pay is a fraud mitigation service that provides early detection of fraudulent, altered, or counterfeit checks through daily verification of checks presented for payment against a company’s check register. In short, Positive Pay is checks and balances for your…checks and balances.
Using Positive Pay requires compiling and sending a list of all checks issued to your bank – daily, at minimum. If the checks match, your bank will process the payments. If any of them don’t match, your bank marks them as ‘exception items’ and notifies you. You’d need to review the exception items and approve or reject them.
Compiling this data and then reviewing exceptions can be viewed as a downside of using Positive Pay. This takes time, effort, and precision. If the accurate data isn’t sent to your bank or if the exceptions aren’t reviewed, accepted, or rejected by your bank’s deadline, legitimate items can be rejected. This can create financial issues, slowdowns, and returned item fees.
What if your DMS could handle some of these tasks for you? Did you know that Deal Pack has been integrated with Positive Pay since 2012? This integration works with any bank (and even multiple banks at the same time), alleviating your dealership from the biggest drawback of this incredible system.
The Positive Pay integration within Deal Pack automatically sends a secure file (once per day or multiple times per day) of all checks cut and voided to your preferred email address or file portal to then be sent to your bank. This file is customized and formatted based on your bank’s specific requirements. There is nothing that anyone at your dealership needs to do aside from uploading the file to your bank (and taking a few minutes each day reviewing the bank’s exception list).
Without security checks like Positive Pay, a company’s funds are put at risk due to fraudsters and identity thieves who can create counterfeit checks. It also increases the likelihood of needing to close affected accounts and open new ones. With Deal Pack’s integration, reaping the benefits of this fraud prevention service has never been easier or less demanding for a dealership.