Prevent Check Fraud, Gain Efficiency
BY: Sam Huntington
- Talk to us about originating ACH payments. The ACH Network has many controls and mature security processes that make it a safe way to send and receive funds. In addition to being less expensive, ACH is more efficient (e.g., it's affected by U.S. Postal Service delivery delays), and can help you accelerate your collections, improve cash flow, and allow you to take advantage of trade discounts. To take payments from the accounts of your customers, you’ll need their written consent. We would be more than happy to talk to you about how to show your trading partners the benefits of ACH.
- Use proven fraud mitigation tools, such as Positive Pay and ACH Filter, to verify every payment leaving your account. These services check all presentments against a whitelist you create, and notify you of any payment attempt that doesn’t match the criteria on your list. Positive Pay even uses optical character recognition software, to read the payee line on checks you issue to guard against check alterations.
- Look at your account every business day. State Bank of Cross Plains’ business clients have access to transaction data in real time, so they can verify transactions as they arrive. The required time to report and return fraudulent payments is much shorter for business accounts than for consumers, so you want to identify any exceptions and act as soon as you can.