Positive Pay Export is an anti-fraud service offered my many banks. It protects companies against altered or counterfeit check fraud. When you issue a check, it provides the bank with a list of the check information. When someone attempts to cash a check, the bank will validate the check against the information you provide and if it does not match, the check will be refused. Today’s printers and software are capable of creating fake checks and are cheap and easy to use.

A dishonest person copies your account number, routing and bank coding from a check into software which allows them to perfectly create a replica check in whatever amount they desire. When a bank cashes the check – the check appears genuine since all the account information is valid. Only later will you uncover the theft. In many cases the bank covers the loss but requests that for future checks you issue to them what is called a positive pay file.

Positive Pay is a listing of all the check numbers you’ve written, the payees and the amount. This file is loaded to your bank’s systems so when someone tries to cash one of your checks the bank knows whether the check is valid or not.

How do you create a positive pay file?

Sage 100 ERP Bank Reconciliation, as of version 4.40.02 has this capability built-in. You can choose from a set of common bank format templates – or easily create your own layout. The Positive Pay Export Wizard assists you in creating the export-file in the format specified by your bank. If your bank changes their format, you can use the Export Wizard to make changes to your export file format.

Sage 100 ERP exports this data to a text file when you print checks. You then upload this file to your bank for their use in seeking out possible fraud on your checking account. If you do not have the Bank Reconciliation module, or you are set with an earlier version of Mas 90 or Mas 200, let us know and we can add Positive-Pay file creation to your system.