Integrated tools to streamline workflows and combat fraud

PayPilot features a built-in suite of banking functions that can be added one at a time or all at once, at installation or anytime you choose. Use one or all of the functions to streamline processes, lower costs, and reduce your risk.

Automated Bank Reconciliation

If your business generates a high volume of transactions, you know how cumbersome and time-consuming reconciliation can be. Not so with PayPilot. The system displays a complete list of payments processed by the system along with their respective status:

Unprinted - the check’s in the database, but it hasn’t been printed.
Printed - the check’s been printed, but not yet cashed.
Paid - the check has been cleared at the bank.
Stopped - the check has been stopped at the bank.
Void - the check was not issued.

PayPilot can be set up to automatically communicate with your bank(s) to update the status of payments (it can update other internal systems as well, such as General Ledger). Operators can also change the status of payments based on security authorizations that are under your control.

Positive Pay Security

Check fraud is a real and growing problem for businesses. Ernst & Young estimates that more than 500 million checks are forged each year, with losses totaling more than $10 billion. PayPilot’s positive pay feature gives you the means to combat check fraud by easily and efficiently verifying issued checks before they’re cashed.

When checks are printed in PayPilot, a file containing information such as check number, date, amount, and payee is automatically sent to your bank. When a check is presented at the bank for payment, the bank reviews the positive pay file to see if the check is valid. Funds are released only when the payment details match the exact items on the check file. Any exceptions are automatically flagged for special handling.

Be proactive in the fight against fraud! Positive pay is simple to set up and much less expensive than a check fraud loss. In fact, stopping just a few fraudulent checks more than pays for the feature.