We have detected that your browser does not support cookies, or has set cookies to be disabled.
To continue shopping online, we encourage you to enable cookies on your browser.
For Internet Explorer browsers, please follow these instructions:
Click on the Tools menubar, and select Internet Options
Select the Security tab, and reset the security level to Medium
We have taken this measurement of security for your benefit, and apologize upfront if any inconveniences are caused.
Please contact the store owner if you have any questions relating to this requirement, or to continue purchasing products offline. Cookies must be enabled to purchase online on this store to embrace privacy and security related issues regarding your visit to this site.
By enabling cookie support on your browser, the communication between you and this site is strengthened to be certain it is you who are making transactions on your own behalf, and to prevent leakage of your privacy information.
Positive Pay is an automated fraud detection tool offered by the Cash Management Department of most banks. In its simplest form, it is a service that matches check information of each check presented for payment against a list of checks previously authorized and issued by the company.
Some banks match only Account Number, Check Number and Check Amount.
Some other banks added the Payee Name to the data to match, this service is called "Payee Positive Pay"
How does Positive Pay work?
Positive Pay requires the company to send (transmit) a file of issued checks to the bank each day checks are written. When those issued checks are presented for payment at the bank, they are compared electronically against the list of transmitted checks. The check-issue file sent to the bank contains the check number, account number, issue date, and dollar amount. Sometimes the payee name is included, but is not part of the matching service.
When a check is presented that does not have a "match" in the file, it becomes an "exception item". The bank sends a fax or an image of the exception item to the client. The client reviews the image and instructs the bank to pay or return the check.
ChequeSeal Positive Pay Software
What does ChequeSeal software do?
ChequeSeal software seamlessly interfaces with your accounting software and automatically generates the Positive Pay issue file according the bank's specification.
Each bank has its own unique file format in which data should be submitted - one large national bank has over 10 formats! In addition, banks often require headers and footers containing summations, record counts and hash totals.
ChequeSeal software can handle multiple banks format and it can be set to transmit the issue files automatically without user's intervention.
Need more information? Give us a call: 818-563-9335.