WHAT IS POSITIVE PAY
Positive Pay is a file with details like check date, number, amount etc. and is send to the bank, mainly to avoid check frauds. When the check is submitted to be cashed, the details on the check are matched to the details on the positive pay file. Positive pay is available for customers based in US and for check payments only.
Your legal entity / company is enabled for check payments. If you would like to learn more about Beanworks payment offering, please email email@example.com or reach out to your customer success manager.
Your positive pay template has been set up and associated with the legal entity. Please note: Positive pay template can differ from bank to bank and sometimes maybe different for a particular branch.
The check date is the completed date in the system.
HOW IT WORKS:
STEP 1: Create a payment custom filter for payment method - Checks. Optionally add another filter for date range - start and end.
STEP 2: Generate a positive pay report for the payments in paid [PD], exported [EX], sync error [SE] and completed [CD] status. The csv will be downloaded.
Note: If you select payments in any other status than the once mentioned above, the system will throw an error message.
STEP 3: Send the positive pay file to your bank.