In late December and early January, we heard from several clients whose businesses were victims of bank fraud. With so many in such a short time, it feels like there’s a renewed effort by hackers.
Their banks recommend Positive Pay, and we wholeheartedly agree. Basically, you upload a file to the bank after each check run. The file includes information about all the checks including the check number, date, payee, and dollar amount. This information is then used by the bank to compare against incoming check activity on your account. If it’s a match, they let the payment go through; if not, it’s blocked.
So why did these clients call us? For our clients using Sage 100 Contractor, we have a custom Positive Pay program. It comes with a standard template that is accepted by most banks. Because it’s ours, we can also modify a template to match a specific bank’s requirements. This allows you to cut your checks through S100C, generate the Positive Pay file, then upload it to your bank.
The clients who called us were playing defense; they had already been hit with fraud. You could play offense and avoid the frustration and time drain. Consider adding Positive Pay to your bank relationship. I’m confident your banker will be open to the discussion, and we can provide the tool to make it happen! – CMW