Recent reports have shown that credit card fraud is on the rise due to the Coronavirus pandemic, with an estimated total loss of $11 billion in 2020. Small businesses face the most danger in these scenarios because unlike large corporations, they don’t have the financial bandwidth to absorb these losses. This means that too many fraudulent transactions can easily threaten the future of your small or mid-sized business.
To offer peace of mind, Crown Bank provides a way to prevent fraud and keep you focused on the day-to-day of running your business. Crown Bank’s ACH Positive Pay feature allows you to easily identify fraudulent checks and transactions, ensuring you’re not losing revenue or valuable time.
What is ACH Positive Pay and how does it help your business?
ACH Positive Pay Breakdown
ACH stands for Automated Clearing House. In simple terms, when you check your bank account and see your paycheck has been automatically deposited, without you having to scan a check or head to the bank, that’s ACH. Instead of mailing a check to pay your monthly mortgage or storefront rent, you’ve most likely set up automated bill pay in your online banking portal to pull from your checking account, and that is ACH.
Benefits of ACH Positive Pay include:
There will always be risks to running a business. ACH Positive Pay aids in fraud prevention so you can better manage all business transactions. Receive security alerts when things don’t look right and manage who can deposit or withdraw from your account. You get to approve or deny any potentially fraudulent transactions from new vendors that have not yet been activated on your account, to ensure you know exactly where your money is going.
Take Back Control
Rather than scouring through your withdrawals and deposits to make sure that everything is as it should be, ACH Positive Pay allows you to take control and be “in the know” at all times. Being up to date on your transactions reduces your risk of losses. With online banking services, you can be sure that anything and everything pending or posted in your business or checking accounts have been vetted. No unauthorized vendors can have access to your account without your approval.
When it comes to your business, you always want to be in the driver’s seat. In an era of increased fraud and scammers, Crown Bank has your back. Whether it’s tips on avoiding scammers going after PPP money or making sure that all your transactions are approved and your money is accounted for, we want to ensure we provide you with peace of mind that both your business and your money are cared for.
If you are interested in learning more about ACH Positive Pay and how it benefits your specific business needs, schedule a time to speak with a Crown Banker today.