Positive Pay is Manasquan Bank’s way of adding an extra layer of protection to your business. With this cutting-edge technology, you can secure your accounts and manage risk more effectively.
Positive Pay matches the information on an inclearing item presented for payment to your issued item files. The account number, check number and dollar amount must all match exactly; if any element is off, the item is flagged and sent to you for review. Here’s how it works:
The advantage of Positive Pay is that it allows you to identify a fraudulent item before it is cleared. You have complete control of your accounts payable, plus improved accuracy for your accounting and auditing.
Positive Pay is by far the most relied upon method for reducing the risk of check fraud.
Is your bank helping you safeguard your business checking account? Contact us today to learn more about Positive Pay.