Each day, fraudulent checks are presented for payment at banks across America, costing businesses a total of $15 billion annually. Fortunately, TransForm helps you safeguard your company against loss—with a fraud-fighting tool built right into its check printing software. It's called Positive Pay with Payee Verification.
By detecting altered dollar amounts as well as counterfeit and duplicate checks, Positive Pay is currently the most powerful measure businesses can take to prevent and detect check fraud. With Positive Pay, your business sends a filter—called an "issuance file"— to the bank which contains detailed information on every check you are about to issue. As checks are presented to your bank for payment, the bank compares the information in your issuance file to the information on each check. Checks that don't match the issuance file data will be referred back to you.
At that point, you can decide whether you'd like to pay the questionable items or have them returned through the
Although Positive Pay is useful in exposing counterfeit and duplicate checks, it does not detect when the payee line on a check is altered—something likely to happen if a check is stolen or intercepted in the mail. Payee Verification is a feature that enhances the effectiveness of Positive Pay by recognizing when the payee name on a check has been changed. With Payee Verification, your bank uses special imaging technology to "read" the name on the payee line of all checks that are presented for payment. If a payee name does not match the information in your issuance file, an alert is triggered and you are notified immediately of the suspicious activity. Together, Positive Pay and Payee Verification provide you with the most powerful and effective fraud-prevention tools available in today's marketplace.
TransForm, our free software with Positive Pay software and Payee Verification allows you to create, sign and print checks on our innovative self-mailers, all in one simple step. At the same time, the information necessary for issuance files is automatically and transparently retrieved from the checks and made available for immediate transmittal to your bank. Unlike similar programs, TransForm requires no re-keying of data after a check is processed. In fact, you'll discover that creating issuance files is as quick and easy as selecting the "imprint" function within your current accounting software! There is absolutely no specialized training required for you or your staff.
What's more, TransForm comes complete with additional anti-fraud features that provide even more comprehensive protection:
- TransForm increases the effectiveness of Payee Verification through our patent-pending feature called PrecisionRead. By digitally adjusting font, spacing, blank space, pitch and size, PrecisionRead optimizes the payee name on your checks to be 100% readable by your bank's imaging technology. This makes it even more likely for discrepancies to be detected and makes forgery nearly impossible.
- TransForm suppresses the payee's Social Security number on the actual check and, since a window envelope is not needed for mailing, it also omits the payee's address, keeping their sensitive information safe from prying eyes.
If you purchased Positive Pay software separately, it could run you as much as $500--or substantially more.