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Benefits of Business Banking: Positive Pay
 Among the many business banking solutions that Chelsea Groton now offers businesses of all sizes, Positive Pay enables businesses or organizations to upload a file of issued checks to the Bank each day that checks are written. As checks are presented for payment, they are matched to the list of uploaded checks to ensure that all items clearing against the account are checks issued by the business or organization.
"Fraud continues to be a growing concern for many companies," said Alex Masse, VP, Cash Management Services Manager at Chelsea Groton Bank. "As we've worked to develop our updated Business Banking product offering, we knew providing a tool that would help to mitigate the risk of check fraud was essential for our customers. We're pleased to offer Positive Pay, as well as additional tools that work in tandem with Positive Pay, to lessen the risks associated with transactions related to our customers' accounts."
When businesses opt to sign up for Positive Pay, they will also have access to "ACH Block and Filter" and "Account Reconciliation." With ACH Positive Pay, businesses can set up a list of ACH transactions that are pre-approved to post to an account with specific limits which helps prevent unauthorized ACH transactions from clearing against the account. In addition, the Positive Pay Service comes with an Account Reconciliation module, which enables businesses to perform full account reconciliation at any time. Since the system knows what checks have been issued, what checks have cleared, and all of the deposits and withdrawals that occur on the account, business owners can obtain an account reconciliation report which can be a significant time saver from an administrative perspective. With Account Reconciliation, businesses have access to a variety of tools such as online statements, an online account reconciliation file download for Reverse Positive Pay, or outstanding check reports.
"Not only is it a costly process to establish new deposit accounts as a result of fraud, but the time and stress involved is also very impactful to a business owner," continued Masse. "With Positive Pay, customers can have peace of mind knowing they have complete control over their account activity."
Interested in learning if Positive Pay could be right for your business? Contact our Business Banking Department at 860-448-4203 or growthatbusiness@chelseagroton.com.
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