Four Ways Payments can Impact your Business

Written by Chelsea Freitas | Thu, Feb 08, 2018 @ 03:33 PM |

Accounts Payable automation technology has opened several doors for companies especially when payment automation leads the way. An automated electronic payment program can offer many advantages such as time-savings, controlled expenses, user-friendly platforms, reduced risk of payment fraud, add flexibility, and peace of mind.

Here are four more ways they impact your business that you may not have considered:  

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According to an ACFV Report, companies lose an estimated 5% of their revenues annually due to fraud.

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Before we look at how a cloud-based payments system could benefit your company, let's first look at what "the Cloud" really is.

The Cloud, otherwise known as Cloud-computing is storing and accessing data over the internet versus the computer hard drive.

Not that long ago, all files could only be accessed by physically sitting by and logging into "the computer" hard drive. Today, however, many individuals take advantage of the advances in technology and utilize the cloud to conduct their personal lives. They can access email, share file docs, schedules, and financial information/bill pay from anywhere, anytime.

Many businesses are seeing the benefits and jumping on the cloud banwagon as well. Most recently, many businesses are moving to a cloud-based payment automation system. WHY? you ask.....

How can Your Business benefit from The Cloud — specifically a cloud-based Payment Automation System? 

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Running a successful business as a CFO or Accounts Payable manager is a constant venture be vigilant about protecting your corporate assets. When dealing with payments like automated Clearing House (ACH) payment or Wire Transfers, corporate accounts must be protected with minimum risk. Unfortunately, ACH and Wire fraud are more prevalent in our cyber-connected nation. 

ACH and Wire payments have been a mainstay for bank and business transactions for several years, allowing the capability to electronically transfer funds between banks by using just the account and routing numbers. As time goes on and technology becomes more advanced, new fraudulent practices are found to bypass security clearances and steal time-sensitive information from businesses. Know what to look for to avoid becoming a victim of ACH or Wire fraud and learn how to spot scams. 

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