Prudent Enhancements to Your Financial System


Positive Pay (A feature of the eBanking Suite by Sandler-Kahne)

For years now AccuNet has been promoting the benefits of Positive Pay also known as Safe Pay.  Positive Pay is fraud prevention made easy if you own SL and purchase Sandler Kahn’s Positive Pay module.  In a nutshell, this additional module added to SL catches key information needed by the bank for each batch of checks you cut.  It then sends that information to the bank. 

Using a simple example let’s say the information is date, check number, vendor and amount.  When that check is presented to the bank to be cashed, the bank automatically reviews those four fields on the check against the file that SL sent to the bank when the check was cut.  If any information is different or that check has already been cashed, the check is refused and you are not responsible for it.  A common check fraud scheme is to wash a check, thieves will steal a check from the mail box or an old check from the trash and modify the check that was created for $101.02 and change it to $10,102 and try to cash it.  If it works once, the thieves will repeat the theft dozens of times until you start bouncing good checks and you or the bank realize there is a problem and freeze your account.  The headaches and damage to your businesses’ reputation can be avoided. 

Every year I have three or four customers that call me up and say Mike, we had some thieves steal our checking account number and using a color printer and publishing system created good enough copies of our checks and cashed them until we noticed the problem.  They spend hours dealing with the bank and police to identify the forged checks, reconcile the accounts, fight with the bank on over draft charges and bounced checks, change bank account numbers, work with insurance claims and maybe even testify against the criminals.  It is identity theft on a business level.  Once it happens the small amount to implement Positive Pay seems like a bargain.  I encourage you to tighten your financial systems and use Positive Pay to prevent a costly and embarrassing theft.

AP EFT (A Feature of the eBanking Suite by Sandler-Kahne)

After you have Positive Pay implemented I encourage you to tighten up your financial controls one level higher with AP EFT or Account Payable Electronic Transfer.  A check that is electronically transferred is much more difficult to be copied, modified or stolen.  You also save on the printing of check stock, envelopes, stamps and labor to fold and stuff.  An internet search gave me estimates of 7 to 12 dollars per check and that did not include any damages from fraud activities.  Your customers save about that much time on the other end because they do not have to deal with as much paper and you deposit it right into their account saving a trip to the bank and often two days cash flow because it did not have to go through the mail and be processed before it was deposited.  Your trading partners may force you to go to AP EFT to save them money and they want to do business with partners who can help streamline accounting functions.  AP EFT is a money saver and improves security.  I encourage you to get ahead of the curve on this one and get it implemented.

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Posted in AccuNet Software & Services, Cool New Stuff, Microsoft Dynamics SL, President's Rant

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