Product Specification
What is Positive Pay
Anti Fraud Prevention tool that helps Reduce risk of financial loss and protects the client’s reputation
What Clients are Good Positive Pay Prospects?
1. Business Clients who recently were victim of fraud
2. Businesses that issue a lot payroll checks out of their account and not use a third party processor.
3. Attorneys
4. All of the above
4. All of the above
How much does Our Positive Pay service cost?
a) $50.00 per account
b) $10.00 per account
c) $30.00 per account
d) $40.00 per account
d) $40.00 per account
Does the client need to login to the system everyday to see if there any decisions need to be made?
The client will receive an email communication each morning between 8:30 and 9:30 letting them know if have any items they need to decision.
The client will need to approve or reject any items that are considered exceptions on a daily basis by 11:30 am.
Check issued file cannot be customized to clients accounting software. OBTC needs a specific Format.
True Or False?
False
Check issued file can be mapped and customized to clients accounting software.
As long as the client is set up for Positive Pay, it will cover ACH as well.
True or False
False
The client will need to have ACH Block and Filter to cover any ACH transactions.
When should the client upload the check issued file?
Best practice is to upload the file before checks are mailed or handed out to their employee’s or vendors. This will alleviate unwarranted exception items.
A client can use their mobile phone to manage their Positive Pay.
True of False?
True
Anything they can do on their computer, they can do with the mobile phone using our mobile app.
Exception will only occur if the item presented is fraudulent.
True or false?
False.
Some of the reasons exception may occur are:
1) Client forgot to upload check issued file.
2) Item is fraudulent
3) Check is stale dated or has a stop or void placed on it.
4) The information we received by the corresponding bank was incorrect. Note Operation does scrub the exception items for all client first thing in the morning to try and catch these items. If the client starts receiving a lot of unnecessary encoding exceptions operation will contact CM Sales and try and identify the route cause. Sometimes the client may need to change their check stock or format type.
Our clients need to download our Positive Pay Sofware in order to have access to Positive Pay.
True Or False?
False
Access from secure online banking via desktop or mobile device manages all interaction and eliminates the need to install software
Will a rejection occur happens only if all 4 of the required information does not match?
An exception will occur if any of 4 required does not match.
The check number
The payee
The amount
The date
Our clients can use any template to submit their Positive Pay Check File as long as the required information is there.
If client changes their template, they have to submit the template to be mapped by Cash Management Support to avoid the file to be rejected.
Does it matter what kind of software the client is using?
No, as long as they can send us an excel or csv file it will be fine.
The only way for the clients to be alerted if decisions are needed to made is by
A) email
B) email and phone call
C) email and text alert
C) C) email and text alert
The client can be set up to receive the alert by email and text