The electronic bank payment SuiteApp offers Positive Pay as a fraud prevention tool.
Positive Pay templates include Bank of America Merrill Lynch, Royal Bank of Canada, and Silicon Valley Bank-controlled disbursement accounts. Use the Positive Pay feature to select a list of checks that the company has issued.
We can then upload the file to the bank portal to verify the checks and prevent fraud. The electronic bank payment SuiteApp supports Positive Pay verification for several transactions, including bill payments, checks, customer refunds, cash refunds, paychecks, sales tax payments, and vendor pre-payment.
To verify transactions through Positive Pay, navigate to Payments, Checks, and select Positive Pay. The Positive Pay form opens. Select the bank account associated with the checks to verify.
A list of eligible checks appears. The number of transactions and total payment amount populate based on the selected account. Enter the check from and the check to number. The list of checks updates. Confirm if we want to include voided checks or exclude clear checks from the payment file. Click Submit when finished.
This creates a payment file administration record. Click Refresh to update the file process column until it displays processed. Click Download in the file reference field to save a copy of the payment file to the local drive. We can send the file format to our bank online, or we can upload the file to our bank’s Positive Pay system.