Positive Pay
Unfortunately check fraud
is increasing. This last month, one of
our clients had a forged check processed against their main operating bank
account. The check cleared the bank.
This is second time this year that we have heard of check fraud within our
customer base.
Take action, and be
prepared to eliminate these unauthorized checks. One of the vendors who we deal with, SK
Software, has an add on product called Positive Pay.( http://www.sksoft.com ) This product,
which integrates tightly with both Solomon Accounts Payable checks and Payroll
checks, is your solution to stop worrying.
The software notifies your bank electronically, when computer and manual
checks are processed within Solomon.
This list becomes the bank’s way of verifying that your company only
authorizes these positively identified checks to be paid.
Pricing for this module is
based on which version of Solomon you are using and the number of Solomon
clients. Price range is from about $600
to $1999 plus a service contract.
Become proactive. Check with your bank and see if there
software supports positive pay. Next ask
yourself what type of soft costs would you incur if your company was exposed to
fraud? Time to analyze, time to switch
banks, embarrassment about the situation, changes to current processing
procedures for checks, increased insurance costs for your business insurance. The chances are the hard dollar cost for the
embezzled check will far exceed your software costs. Summing the soft and hard costs together can
be significant.
Just as we put locks on
our business doors, maybe you should put positive pay software on your check
processing from Solomon. Give your
local var a call, or call us 866-455-9876.
Overview
of the software:
Positive Pay (PP)
What
is Positive Pay?
Positive Pay (aka Safe Pay) is a method to reduce
your exposure to unauthorized paper checks. A Positive Pay file is
transmitted to your bank listing all checks that you have printed and distributed.
The bank uses this file to verify any check that is presented for
payment.
Includes
Payroll
Positive Pay will process checks produced by the Solomon
Payroll system, as well as those produced by Accounts Payable.
Features:
The following features are included in Positive Pay:
o
Supports both Accounts Payable and
Payroll checks.
o
Full Multi-Company support - both in
one database and in separate databases.
o
Standard Positive Pay file format
provided. Any bank’s format is easily configured using a
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