Updated July 28, 2020
Digital AR Workflows Protect Against Fraud
Online fraud exists. Some customers may be wary of making online payments because of the perceived risk of fraud. The reality is that paper checks account for more fraud than any other payment method.
When wholesaler-distributors offer their customers e-Payment options, whether with a secure payment link embedded in their electronic invoice or via an easy-to-use PayNOW network linked to their website, they increase the security of the transaction and limit their customers’ exposure to fraud risk.
A 2018 study from the Association of Financial Professionals (AFP) found that paper checks were 10 times more likely to be a target of fraud than EFTs and other forms of digital payment. Why is this the case? Scammers rely on paper checks and how banks operate to conduct fraudulent activities.
What scammers know and most everyone else doesn’t, is that banks will honor a paper check that passes initial legitimacy inspection. Scammers routinely work to intercept physical payments so they can use legitimate checks to create fraudulent ones.
Allowing customers to pay electronically in direct reply to an email or text is the most secure payment method you can offer them. You have essentially tied the hands of scammers, protecting your customers’ banking information and other businesses to which scammers may have presented fraudulent checks.
Unified Payments Group, NAW’s Trusted Partner for cloud-based AR Technology and Payment Acceptance Solutions in the wholesale distribution industry, was recently recognized as a “TOP 10 AR Solutions Provider.” Unified simplifies AR to help Enterprise and Mid-Market businesses accelerate cash flow, reduce costs and improve efficiency with digital solutions which can be incorporated easily into your existing workflows and processes with minimal disruption.
Ready to find out what a smart e-invoicing solution can do for your business?
Click the “Contact Us” button at the top of the page or give us a call at (888) 440-0117 to speak with a Subject Matter Expert for a free AR consultation and savings analysis. For more information on electronic invoices, digital payments, and surcharging solutions check out our News & Resources page and follow us on LinkedIn and Facebook for updates.