How to Find the Most Secure Payment Method in 2022
- 27 Jun 2022
- AP Automation
Secured payments are critical to eliminating fraud and losses in a fast-based world of international commerce. With cloud automation and digital payments, it is crucial to eradicating old-fashioned manual and paper-based processes. Additionally, the human-driven paper chase is more prone to errors and fraud.
Cloud AP automation provides a secure environment for the invoice to payment processes. As the global industry is increasingly conducted online, failure to automate means behind left behind. Automation helps organizations find the most secure payment method to ensure production runs smoothly and profitably.
What payment methods are secure?
Secure payments are integral to building strong supplier relationships and protecting a company’s brand reputation. Digital payments through AP automation are the most secure, including ACH and credit. Suppliers will expect these fast payment options as more companies adopt complete automation solutions. Also, AP automation makes onboarding suppliers quicker and easier for more options during global crises.
Automating invoice payments streamlines AP processes and lowers costs with options such as a “no-touch” virtual card, ACH, and wire payments. Additionally, automation also securely processes checks without fraud-prone manual handling. Plus, faster payment help companies negotiate discounts for early payments with suppliers to build stronger and more profitable relationships.
What is the least secure payment method?
According to the AFP Payments Fraud and Control Survey, 74 percent of finance professionals reported their check payments are targets of actual or attempted payment fraud. Once the standard B2B payment form, today checks are the leading target of fraudsters. Eliminating paper and going touchless is the most effective way to eliminate fraud.
AP automation also helps organizations gain greater control over cash flow. For example, consider the time it takes to process paper payments versus digital payments. With automation and digitalization, the invoice-to-payment process can take hours or days rather than weeks or months. As a result, companies realize a measurable ROI for recognizing the necessity of adopting automation for e-invoicing.
How to ensure secure payments
Catching fraud can be challenging, and the longer it exists, the higher the organization’s losses. The AP team must be vigilant and well-trained to watch for attacks and prevent them. Additionally, companies must adopt policies and protocols for fraud detection, management, and reporting. Finally, adopting automation gives the team remote access to real-time data to look for inconsistencies and resolve them immediately.
Organizations ensure secure payments through encryption, fraud monitoring, levels of access, and superior security through automation and digitalization. However, manual processes are tedious, time-consuming, and subject to inevitable human error. For example, monitoring for potential check fraud could involve identifying gaps in reconciled check numbers or missing check numbers. Conversely, digital payments and virtual cards centralize AP processes and make online payments safer to eliminate fraud.
Adopting automation for optimum security
Adopting automation turns manual, paper-based invoices into digital workflows. Plus, automation ensures quick and secure payments with features such as digital payments and encryption. As a result, many suppliers are ready to adopt e-invoicing processes to streamline the payment process and gain control over cash flow.
AP automation prevents fraud and helps build trustworthy relationships with suppliers that can lead to discounts for early payments. Plus, AP automation makes the invoice-to-pay process more efficient. As a result, organizations can perform tasks such as supplier onboarding and payment processes in a fraction of the time it takes to process manually. As a result, companies can avoid business interruptions regardless of global circumstances impacting supply and demand.
Providing and supplying the most secure payment method starts with automation and digitalization. Eliminating fraud helps companies reduce losses and protect their reputation. Contact the experts at Medius today to learn more about the most secure payment methods in 2022, and the increasing role automation plays.
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