Positive Pay Solutions
Positive pay allows your business to upload its payables file to Montgomery Bank’s system. We then verify that the checks coming through the account are indeed on that list and they are being presented for the correct dollar amount. Items that don’t match up are then put in a review status for you to accept or deny. This helps prevent altered or stolen checks from clearing your account.
Positive Pay can also be used as a tool to reconcile your payroll by uploading all the checks written. You can view all outstanding issued items at any time, helping you keep track of what is still pending to clear your account.
Key Advantages of Positive Pay
- Reduces the risk of fraudulent activity on your financial accounts.
- Helps to identify unauthorized transactions before payment is made.
- Verifies the items you issue are not tampered with.