Check Fraud Prevention with Positive Pay

Positive Pay Processing

Proactive Fraud Protection Made Easy

Check fraud is a real and growing problem for businesses. By industry estimates there are more than 500 million checks forged each year, with losses totaling more than $50 billion.

Prelude Software’s payment processing application, called PayPilot, provides a security feature called positive pay to combat check fraud.  Positive pay gives you the means to combat check fraud by easily and efficiently verifying issued checks before the checks are cashed. When checks are printed in PayPilot, a file containing information such as check number, date, amount, and payee is automatically sent to your bank. When a check is presented at the bank for payment, the bank reviews the positive pay file to see if the check is valid. Funds are released only when the payment details match the exact items on the check file. Any exceptions are automatically flagged for special handling.

Be proactive in the fight against fraud! Positive pay is simple to set up and much less expensive than a check fraud loss. In fact, stopping just a few fraudulent checks more than pays for the feature.

The Power To Be Bank Agnostic

PayPilot features a built-in suite of banking functions that can be added one at a time or all at once, at installation or anytime you choose. Use one or all of the functions to streamline processes, lower costs, and reduce your risk. With cost containment a business priority, it is not surprising that bank fees are in the spotlight. Prelude’s solutions allow you to be bank neutral. You have greater leverage to negotiate fees with your bank when you have the power to change your formats as easily as you do with PayPilot.