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Now that you know what Positive Pay is, you need to find out how to start using Positive Pay.
First, we need to start by saying that EVERY bank handles Positive Pay differently.
The steps/outline presented here are just a representation of what the most common implementation procedure could look like.
1. Contact your bank about signing up for Positive Pay.
You can start gathering these info first with Banking Partner
- Do they currently offer Positive Pay?
- What does it cost?
- What are the steps to implementation?
- How long will it take?
2. Receive bank's requirements.
Once you have signed up for Positive Pay with the bank, they should provide you with a Positive Pay (or Account Reconciliation) Information /details which includes (among other items):
- File layout specifications
- Transmission methods
- Other Procedures and Guidelines
3. Find out what your accounting software package can produce.
- You are trying to produce a file or report that contains a list of all checks issued for a certain date or date range.
- You will either need to export this data or print the data to a text file.
4. Find an alternative method for creating a file that the bank will accept (if the accounting software does not produce something that is compatible with the bank's requirements).
5. Receive transmission and testing instructions from the bank.
- This will explain the method and procedure for transmitting the data file from your location to the bank.
- Submit test file
- The bank will test the file for accuracy and compatibility and provide the results.
7. Start submitting live files
- The bank will provide the official live date as well as any further instruction