Ensure Payment Security in Your ERP With REPAY

During 2022, Americans wrote 3.4B checks for payment. The more checks that consumers and organizations cut and send, the higher the risk for fraud.

In fact, earlier this year, the U.S. Postal Service issued a warning against mailing checks, citing an alarming increase in mail fraud and theft, which has led to an increase in check fraud as well.

How bad has it gotten? There were 300,000 reports of check fraud in 2021. However, in 2022, this number more than doubled to 680,000.

Digitizing and integrating the accounts payable (AP) experience for your organization is an easy way to combat check fraud and protect yourself.

Digital Methods

Paper checks present a big problem. Organizations must replace them with digital payment methods to protect themselves and their vendors and suppliers.

Virtual Cards

Virtual cards are single-use cards that can be assigned certain controls to protect payments. Featuring amount limits and expiration dates, virtual cards offer a fast and secure way to pay vendors while potentially earning rebates to put back into the organization.

Credit Cards

Tried and true, credit cards have been a popular choice for AP payments. Because they aren’t tied to a bank account, they offer organizations protection against losses. Additionally, safeguards such as EMV, AVS and CVV further protect outbound credit card payments.

ACH

ACH uses an organization’s bank account and routing numbers to electronically transfer funds for payment. Using ACH instead of physical checks reduces touchpoints to sensitive payment data and protects the data through a payment gateway.

Optimize And Secure Outbound Payments

Check fraud is estimated to reach $24B in 2023, so the time for organizations to integrate digital solutions is now. AP automation capabilities from REPAY can help.

• Enhance Security
• Streamline Efficiency
• Increase visibility

Our technology integrates seamlessly into the ERP you rely on daily, including Acumatica, Sage and more!

Learn more in our blog about how digitizing outbound payments can enhance security for your organization.

The post Ensure Payment Security in Your ERP With REPAY first appeared on ERP Cloud Blog.

The post Ensure Payment Security in Your ERP With REPAY appeared first on ERP Cloud Blog.