Positive Pay
Our all-in-one automated cash-management service acts as a form of insurance against check and ACH transfer fraud, losses and other liabilities. With Planters Positive Pay, you have access to all four of these features!
Positive Pay
Review incoming checks that do not match the issued check file
Payee Match
Verify payee names on paid checks against those on issued check file
ACH Positive Pay
Set criteria for ACH debits before automatically processing
Account Reconciliation
Receive outstanding check list and automate reconciliation
Positive Pay & Payee Match
Positive Pay protects your company from forged, altered, and counterfeit checks. Customers enrolled in this service submit issued items files that include the account number, payee description (payee match), check number, dollar amount, date issued, and a column showing if the item was voided or not. When an item on this list is presented for payment, it is compared against the submitted details. If any information does not match, the item is kicked out as an exception for the customers to decide whether to pay or return before clearing their account.
- Many Positive Pay programs do not include the payee match functionality, or there is an upcharge for this feature. Payee Match is included in Planters Positive Pay service.
ACH Positive Pay
ACH Positive Pay is an automated system that only allows ACH transactions to process automatically using certain filters set by the business. The business can set up, edit, and delete ACH rules, such as allowing certain company IDs and SEC codes, limiting the allowable amount to be debited, and many other details. If the item meets the criteria, it will be paid, otherwise, the customer will be notified to decision the exception.
Account Reconciliation
The automated account reconciliation feature of Planters Positive Pay compares all submitted issued items to paid items. A transaction summary report is created, as well as a list of all issued checks, paid checks, voids, ACH debits, miscellaneous debits, and current outstanding checks. These reports can be viewed in many time frames and customized to your bookkeeping needs.
