Benefits of Using Microsoft Dynamics GP SafePay

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Have you ever had to deal with the headache of handling a fraudulent check drawn on your account? Wouldn't it be great if you could tell your bank exactly what checks are valid before the check is presented? Let me introduce you to Microsoft Dynamics GP SafePay.

In this article, I will go over the steps that are needed to set up Microsoft Dynamics GP SafePay. I will discuss the benefits of using this feature; specifically, how you can use this system to reduce fraud and increase process efficiency.

What is Dynamics GP SafePay?

Dynamics GP SafePay helps prevent fraud

 

SafePay, also known as Positive Pay, is a relatively new feature in GP that works with your bank’s Positive Pay program to prevent fraudulent checks and EFT transactions from clearing your accounts.  When a check or EFT transaction is presented to your bank for payment, the bank compares the account number, check number and dollar amount to the SafePay generated list to verify it is authorized. If it’s not on the list, then the payment request is rejected.

SafePay is a new feature inside of Dynamics GP so all the work is done inside your ERP. If you own GP 2010 or later, then you have access to SafePay. All you have to do is set it up and start using it.

Steps to Set Up SafePay

There are a few steps to getting up and running:

1) Enroll in your bank’s Positive Pay Program

2) Get the Positive Pay File Format from your bank

There isn’t an industry standard configuration so you will need the format requirements for each of your banks.

3) Configure SafePay

You can configure the output file with SafePay Configurator. Once you set up the file, then the configurations can be copied across all your GP companies. If you have multiple banks, then you can create multiple output file configurations to use SafePay for each of your banks.

Need detailed instructions for SafePay Configurator? Click here

4) Test the file to ensure your bank can verify payments 

Generate a SafePay output file containing a couple of transactions and upload it to the bank’s Positive Pay system. The bank will verify the data format meets their requirements. If the file is rejected, you will need to modify the SafePay configuration and resubmit the file. Output file configuration issues normally are solved within a couple of tests file submissions.

5) Use SafePay in your AP process 

You are ready to use SafePay as part of your AP Process. Generate the SafePay output file and send it to the bank.

Dynamics GP SafePay helps you make a proactive change to protect against bank account fraud, and now you are ready to get started! We are happy to talk with you about file formats, configuration, testing, training, and support.

Benefits of Using SafePay

There are a few steps to getting up and running:

1) Reduce Fraud

If you have ever been involved in a fraudulent check payment, then you know how much time and effort goes into the process. You have to stop the payment, notify your bank, wait for them to redeposit the funds into your account, and then reissue checks or issue new ones with different numbers. It's not just time consuming--it can also cause a lot of stress because if someone steals money from your company by writing bad checks (or even worse, if they steal identities), it will take weeks for everything to get sorted out before things return back to normal.

Reduce fraud by using SafePay to ensure that your bank checks the file. This reduces the risk of fraud and allows you to focus on growing your business.

2) Increase Process Efficiency

There isn’t an industry standard configuration so you will need the format requirements for each of your banks.

3) Easy Setup and Configuration

With Microsoft Dynamics GP SafePay, you can reduce manual processes and automate your payment processing. This will help you to save time and money while reducing errors that can occur during manual processing.

Conclusion

If your business is at risk of fraudulent activities or you need a high level of security for payments, then Microsoft Dynamics GP can save you both time and effort. With SafePay, you can rest easy knowing that your checks are being verified by the bank. This is a great way to reduce fraud and increase efficiency in your business.

Take the time to start using SafePay in Dynamics GP today! If you would like assistance setting up or using SafePay, please contact Dynavistics!

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Do not worry, you have Microsoft and Dynavistics Support for years to come.  You can plan what is right for your firm and select the timeframe that works for you. Dynavistics is happy to provide full and accurate information so you can make the right choice at the right time for your firm.  If you have any questions or want to discuss your future ERP plans or want help with ERP planning, feel free to contact me at info@dynavistics.com.

 

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