Secure Your Business with Positive Pay Fraud Protection

Payee Positive Pay functions like insurance against fraud on your business bank account. 

Fraud consistently poses a huge risk for business owners.
Did you know:

• Check deposit fraud was up 385% in 2022? 

• The dollar amount on attempted check fraud was up 171% in 2022? 

• There were 25,000 mail theft cases from blue USPS collection boxes in the first half of 2023 alone? 

• Over 9,000 stolen checks are reportedly listed each month on 80 groups on the dark web?* 

How Can Payee Positive Pay Help?  

Unlike personal accounts, businesses only have 24 hours to detect and report fraud to their bank. With Positive Pay, only checks and ACH transactions that you approve are able to go through. All unauthorized transactions are rejected.   

In addition, checks and ACH payments are automatically monitored so that unauthorized transactions are flagged for review. This means that checks that don’t match a customer’s check register and electronic withdrawals that aren’t whitelisted won’t be able to clear against the customer’s account without their authorization. 

Payee Positive Pay also features an Account Reconciliation function which helps customers reconcile issued payments against their balance to account for outstanding payments. 

Read more about the benefits of Positive Pay in our blog post.

It’s Easy to Use! 

This add-on service, available within Chelsea Groton’s online banking system, is easy to use. The Bank’s Cash Management team offers comprehensive training and support. Once you’re set up, the review process shouldn’t take more than a few minutes of your day. 

How to Get Started. 

Chelsea Groton Bank offers a no-commitment way to see if Payee Positive Pay is right for you and your business. Businesses interested in signing up will be offered the first three months of service at no charge. The Positive Pay Service is $50 per month per account if the service is maintained after the free three-month period; fees may be offset by an earnings credit calculated from average monthly balances. Contact us to get started! 

Don’t just take our word for it.

Watch the video below from Liisa Livingston, Chief Financial Officer at Fairview, as she explains how Positive Pay is a huge benefit for them.

*Source: https://orbograph.com/check-fraud-statistics-2023-revealing-alarming-trends-and-numbers/