Positive Pay is a fraud-detection service available through online business banking that allows you to catch fraudulent checks before you pay them. Positive Pay matches the account number, check number and dollar amount of each check presented for payment against a list of checks previously authorized and issued by your company. All three elements of the check must match exactly or it will not clear, thus saving your company money by not having to pay for fraudulent checks. It also helps your company save time by avoiding the hassles of trying to recover funds.

How does it work? Positive Pay requires you to upload a file to your online business banking that lists checks issued to People's Town & Country 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 file sent to the bank contains the check number, account number, issue date, payee name and dollar amount.

When a check is presented that does not have a match in the file, it becomes an "exception item." Exception items are listed online for you to approve or deny, allowing you to ensure that checks you have written are cashed by the correct parties and for the correct amounts. It helps prevent the efforts of those who would alter checks for fraudulent purposes.

Positive Pay is available for a small monthly fee. Contact a business banker to learn more about how you can help protect your company from fraudsters using Positive Pay.