Automating Trust: Elevate Fraud Prevention with Positive Pay and Plex ERP



Implementing Positive Pay with ERP systems like Plex ERP can significantly enhance financial security and streamline processes. Here are some insights into the implementation:

Benefits of Positive Pay Integration with Plex ERP

  1. Fraud Prevention: Positive Pay ensures that only authorized checks are processed, reducing the risk of fraudulent transactions.

  2. Automation: By integrating Positive Pay with Plex ERP, businesses can automate the generation of check-issue files, saving time and reducing manual errors.

  3. Compliance and Reporting: The system provides a clear audit trail, aiding in compliance with financial regulations and simplifying reporting.

Steps for Implementation in Plex ERP

  1. Setup with Your Bank: Arrange for Positive Pay or controlled disbursement services with your bank. Ensure you understand the file format requirements (e.g., CSV or TXT).

  2. Configure Plex ERP: Use the Payment Register screen in Plex ERP to generate Positive Pay files. This involves:

    • Accessing the Payment Register screen.

    • Clicking on the Positive Pay option in the Action Bar.

    • Choosing the required file format (comma-delimited or fixed-width).

  3. File Transmission: Save the generated file and securely transmit it to your bank. Some banks may offer automated upload options for added convenience.




Configuration requirements

Challenges to Consider

  • Customization Needs: Different banks may have unique file format requirements. Ensure Plex ERP is configured to meet these specifications.

  • Training: Staff may need training to understand the Positive Pay process and how to use the ERP system effectively.

  • Costs: While some banks offer Positive Pay for free, others may charge a fee. Weigh this cost against the potential savings from fraud prevention.

By integrating Positive Pay with Plex ERP, businesses can not only safeguard their finances but also improve operational efficiency. If you'd like, I can help you explore more about ERP systems or fraud prevention strategies!




Popular posts from this blog

From Dormant to Dangerous: Understanding the security risk of dormant user accounts

Image
  In today's digital era, the security of cloud SaaS systems is paramount. An often-neglected aspect of cybersecurity is the management of dormant user accounts, which can unintentionally become gateways for cybercriminals, leading to significant data breaches. The process of regularly auditing and deactivating these inactive accounts is vital to safeguard the integrity and security of an enterprise. By ensuring that only active, necessary users have access to your resources, you minimize the risk of unauthorized access and strengthen your defense mechanisms. This guide delves into the necessity of tackling this issue head-on and outlines effective strategies for managing dormant accounts to secure your valuable data assets. Risks Associated with Dormant User Accounts Dormant user accounts are ticking time bombs in the realm of cybersecurity. These accounts, often forgotten or overlooked after an employee's departure or during system migrations, present a significant security r...
Read more

How Plex ERP workflows streamline your operations.

Image
A business workflow is a series of tasks that need to be completed in a specific sequence to achieve a particular goal . Workflows are useful for ensuring that important processes are done the right way every time.  Workflows can help you see places in your operation that can be automated, eliminate redundant processes and activities, reduce operational expenses, quickly respond to issues or problems, and automate processes. For example, you may want to define a process workflow for onboarding new employees to ensure that all new employees get the information, policies, and resources they need to do their jobs. There are two different workflow types that you can implement in Plex: Standalone Workflow A workflow that is initiated by the Request Management System and is used to automate an unique business process. Integrated Workflow Integrated workflows are available for the following modules and applications as of 10/2023 2-Tier Orders 3-Tier Customer Orders​ Accounting Jobs​ AP In...
Read more

Automate the schedule of AR invoices and statements using the Plex ERP Document Delivery module.

Image
Manual invoicing and emailing of customer statements can be a time-consuming and resource-intensive process. According to a study by Skynova, most businesses handle up to 500 invoices each month and spend at least five days processing invoices .  The same study also found that 57% of invoice data is entered manually and 49% of businesses require two to three people to approve an invoice. These manual processes can lead to delays in payment and inefficiencies in the accounting process. Invoicing automation can help reduce the time and resources spent on manual invoicing. According to Skynova,Only about half of invoices (52%) are received electronically. The rest are paper invoices that need to be physically sorted, entered, and filed, adding additional steps to the invoice process. The following module in Plex manufacturing allows automatically delivery AR invoices and customer statements via email which can lead to improvement and reduce of the waste of resources associated by manu...
Read more