Payee Positive Pay from Park Bank is an affordable fraud detection tool for businesses of all sizes that will identify suspicious checks, including altered payee information, before the payment is made. Payee Positive Pay automatically matches the payee name, the check number and the check amount on your approved list of issued checks with checks presented for payment, allowing you to identify unauthorized transactions as they occur. You control which checks are paid and which are returned unpaid.
Here's how it works:
- You send a file to Park Bank, via Business Online Banking, with the check number, dollar amount and payee name of all the checks issued.
- Park Bank compares checks presented for payment with your submitted file.
- If an item doesn't match, it is marked as an exception.
- You view the exceptions each morning and decide to pay or return the item.
We’re here to help you understand all the options to protect your company from payments fraud. If Payee Positive Pay is a good fit for your company, we’re happy to show you how it works and provide ongoing support.