During the holiday season, businesses experience an uptick in transactions, making this season a prime time for both opportunity and risk. U.S. businesses lose 5% of their revenue to fraud each year, and the losses from fraud reached an all-time high in 2023!* Check fraud can happen everywhere, even in Northeastern Wisconsin. Recently, one of our local business customers lost $30,000 to a stolen check washing scam before they implemented Positive Pay.

While you’re amidst holiday sales, don’t let fraud ruin your festivities. Enroll in Positive Pay to safeguard your business finances this holiday season.

What is Positive Pay?

Positive Pay is a fraud detection tool to help businesses monitor and manage their check and ACH payments within their Wolf River Community Bank online and mobile banking platform. It ensures that only authorized payments are processed, minimizing the risk of fraud. With an increase in spending and transactions during the holidays, having this extra layer of security can be a game-changer.

How Positive Pay Works

When you use Positive Pay, you provide Wolf River Community Bank with a list of checks you’ve issued, including details like the check number, date, payee, and amount. When a check is presented for payment, we match it against your issued list. If the details don’t match, we will flag the check and notify you, allowing you to approve or deny the transaction.

Benefits of Positive Pay During the Holidays

1. Fraud Prevention: The holiday season is notorious for increased fraudulent activities. Positive Pay acts as your first line of defense, ensuring that only legitimate transactions go through.
2. Peace of Mind: With the hustle and bustle of the season, the last thing you want to worry about is fraud. Knowing that your financial transactions are secure lets you focus on what really matters: serving your customers and enjoying the holidays.
3. Streamlined Operations: Positive Pay not only helps in preventing fraud but also enhances your overall financial management, conveniently integrated into your Wolf River Community Bank online and mobile banking app.
4. Improved Customer Trust: A secure payment process builds trust with your clients. When customers know you have robust fraud prevention measures in place, they are more likely to do business with you, especially during the busy holiday shopping season.

Getting Started with Positive Pay

Implementing Positive Pay is simple. Here are the steps to get started:

1. 1. 1. Set Up Your Account: Contact our Treasury Management team to set up an appointment to activate Positive Pay. We will visit your business to set up the system and guide you through its navigation and best practices.
      2. Create Your Issued Check File: Develop a file with all issued checks, ensuring accuracy in details.
      3. Monitor and Approve: As checks are presented for payment, monitor notifications from us and approve or deny transactions promptly.

Celebrate the Season with Confidence

Don’t let the threat of fraud dampen your holiday celebrations. With Positive Pay in your financial toolkit, you can enjoy a more secure and successful “sales season.” Focus on creating memorable experiences for your customers, knowing that your business is protected against check and ACH fraud.

Learn more about Positive Pay

My Credit Manager is a third-party service. The credit score provided is a model created by the three major credit bureaus, Equifax Inc., Experian Information Solutions, Inc., and TransUnion. Wolf River Community Bank plays no part in the development of your real or simulated credit score.

*Statistics from the Association of Certified Fraud Examiners and the Federal Trade Commission.