Positive Pay

What is Positive Pay? Positive Pay is a bank-provided fraud prevention tool. Businesses using it send their bank a list of issued checks, including details like the check number, amount, and payee. The bank then only clears checks that match this list, preventing unauthorized or altered checks from being cashed.

Positive Pay is a free service offered to ALL clients using VendorPay, however, banks may charge additional fees for this service. You must have positive pay enabled with your financial institution for setup. 

How does Ottimate support Positive Pay? Ottimate supports positive pay by providing a file including issued check information to you upon payment execution. This file is formatted to your bank’s specifications and is sent on an hourly basis. No file will be sent if no payments are executed within the hour.

What file types are supported? Ottimate currently supports .txt and .csv file formats. 

How is the file delivered? The file may be delivered via email, FTP/SFTP, or SFTP w/ SSH.

How do I initiate the setup request?: Submit your Positive Pay setup request via this form.

Note that positive pay setups can take 2-4 weeks to complete based on the partnering bank. Please complete setup requests with this timeframe in mind.

During setup, you may use the “Issued Checks” report as a means to provide your financial institution with check payment details. This report includes the following columns by default:

• Bank Account Name

• Last 4 of Bank Account**

• Date

• Check Number

• Amount

• Payee 

Users may filter by Company, Bank Account, and Date Range.

**For security reasons, only the last 4 digits of the bank account number are available. Note that this report may need to be modified before import or upload to your banking system.