Category: Electronic Payments

A Recession is Coming. Is Your Company Prepared?

Whether it’s the inverted yield curve, the trade war with China, the recent drop in non-defense capital goods or disappointing retail numbers from December, many economists are predicting that our 10-year expansion will end soon… so what should CFOs and finance executives be doing right now to prepare?

Optimize Straight-Through Processing

Straight-through processing ensures that payments are delivered electronically, automatically and without scope for error. Buyer and supplier payments staff can escape the purgatory of manual processes while avoiding human errors that can ripple through a payment ecosystem.

Mitigate Payments Risk with Electronic Payments

As payments fraud continues to increase, treasury and finance executives are upping their game to ensure their organization isn’t exposed. While check and ACH payment — the least secure types of payment — are the most vulnerable to fraud, more companies than ever before are reporting fraud or attempted fraud.

Catch Up To Your Customers

When it comes to splitting restaurant checks, financing your college student’s Friday night pizza runs or paying for your gym membership, all you need is your phone and a Venmo, PayPal or Apple/Android pay app.

When it comes to paying your suppliers? Not so much.

In this instance, consumers are way ahead of corporations because electronic payments are significantly more secure than checks and even ACH payments.

How to Convince Your Suppliers To Abandon Checks

You’re ready to dump paper checks.

But your suppliers aren’t.

What started out as a marriage of convenience — they invoice, you send a check — is rapidly descending into a nightmare of security risks, high costs and inconvenience.

Before you are tempted to divorce your suppliers over their love affair with paper checks, it’s worth investing some time and energy to understand how you can set your payments relationships back on the right track.