Are checks still relevant? Surprisingly, yes—for many businesses in the U.S. However, with the continued reliance on checks comes a growing threat: check fraud.

According to the Mitek 2023 Mobile Deposit Benchmark Report, nearly one-third of small businesses in the U.S. experienced check fraud in 2023. Alarmingly, 65% of those affected reported losses exceeding $50,000—a significant blow for any small business.

At DLD Business Solutions, we’re committed to ensuring our clients don’t become part of these statistics. The good news? If your company uses Microsoft Dynamics GP, you already have two powerful tools at your disposal: Safe Pay and EFT for Payables. Making use of these features can help protect your business from fraud.

What is Safe Pay in Dynamics GP?

Safe Pay, also known as Positive Pay, helps prevent unauthorized checks from being cashed. This feature creates a daily electronic file containing details of your check runs (e.g., check number, date, amount, and payee). This file, formatted to meet your bank’s specifications, is sent to your bank for verification. If discrepancies arise, you’ll be notified.

For example, if someone fraudulently tries to use a check with your account and routing numbers, Safe Pay ensures the bank doesn’t honor it unless the transaction matches your authorized file.

Additionally, Safe Pay alerts your bank about voided checks, providing another layer of security. Every Dynamics GP customer should enable Safe Pay, a game-changer in modern fraud prevention.

What is EFT for Payables in Dynamics GP?

EFT for Payables (Electronic Funds Transfer) simplifies vendor payments by enabling secure electronic transactions directly to vendor bank accounts. Think of it as online bill pay but designed for business-scale transactions.

Why is this important?

• Reduced Fraud Risk: According to the Mitek report, check fraud via U.S. Postal Service interference is rising. EFT eliminates the need to send paper checks, reducing tampering risks.
• Efficiency: Pay vendors electronically from Dynamics GP without logging into multiple bank or vendor portals. Save time and streamline payment processes.
• Convenience: EFT Payables can even email vendors a detailed listing of the invoices covered in the payment—a faster, cheaper alternative to traditional mail.

How DLD Business Solutions Helps Dynamics GP Clients

At DLD Business Solutions, we take a proactive approach to protecting our clients from check fraud. Unlike larger partners that rely on impersonal support, we personally assess each client’s setup.

John Cross, our Controller, monitors payment methods. If he notices a client relying heavily on paper checks, he flags the issue and ensures they understand the benefits of Safe Pay and EFT for Payables.

Lutavia Clemens, our Consulting Services Director, reviews client systems to check for EFT setups. If none exist, she asks about current payment practices and demonstrates how using EFT in Dynamics GP simplifies payment processing while enhancing security.

Our goal is to make fraud prevention seamless and efficient.

What Does It Cost to Use Safe Pay and EFT for Payables?

Here’s the best part: you already own these tools as part of Dynamics GP. There’s no additional licensing cost. Setup is straightforward, especially if you already have your bank’s file format requirements for Safe Pay or EFT Payables. Consulting services for setup are typically measured in hours, not days.

Now Is the Time to Ensure Secure Payments

The 2024 AFP® Payments Fraud and Control Survey Report highlights checks as the most vulnerable payment method, with 65% of organizations reporting check fraud activity.

As a Microsoft Dynamics GP user, you have the tools to avoid being part of these statistics. Let DLD Business Solutions help you set up Safe Pay and EFT for Payables today.

Ready to Get Started? Contact DLD Business Solutions to secure your payment processes.

Also Read: Underused Dynamics GP Tools You Own: National Accounts