Many reading this post may think this is obvious but there are many small and medium sized organizations that haven’t yet implemented this process.
Organizations are increasingly targeted by financial fraud, including check and ACH fraud. One way a fractional CFO can help safeguard an organization’s finances is by implementing Positive Pay, a fraud prevention service offered by banks.
How Positive Pay Works:
* The organization submits a list of authorized payments (checks or ACH transactions) to the bank.
* The bank verifies incoming transactions against the list.
* Any discrepancies are flagged for review before funds are released.
By integrating Positive Pay into financial operations, a fractional CFO can help reduce unauthorized transactions, prevent costly fraud attempts, and improve overall financial security.