Positive Pay Approved Payments with your Bank
Banks use Positive Pay to match the cheques you have issued with those that are redeemed for payment. This process requires a company to submit a list of pre-approved cheques to their bank electronically. The list must be generated in a file format that is specific to the bank’s requirements. If a cheque is presented that does not appear on the list, it will be returned to the company for further investigation.
Harvest Ventures’ Positive Pay utility will generate an approved list of payments directly from Exact Macola ERP in the required format. If your business does not use Electronic Funds Transfer (EFT) for payments to your vendors, this Positive Pay utility will give you an easy tool to provide pre-approvals to your bank for cheque clearing.
Harvest Ventures’ Positive Pay Business Automation Tool:
- Provides protection against release of funds to fraudulent, unapproved cheques
- Offers an easy-to-use tool to provide pre-approvals to the bank
- Includes the ability to generate files in multiple layouts to meet the requirements of various banks