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In addition to providing you with a method of fraud prevention on your account, the positive pay system can also double as a reconciliation tool. As a result of you providing the bank with a list of issued checks, the bank is able to generate month-end reports that can aid with the reconciliation process.
The payment is automatically withdrawn from the payerâs (person who is making the paymentâs) bank account. The business or payment gateway then sends the receipt of payment to the payeeâs email account. The payment is then deposited into the receiverâs bank account (or if both parties are using a payment gateway to handle the transaction, into the payment gatewayâs account given to the receiver).