Printech helps prevent fraud with ePayables secure card payments
Companies in the United States have been dealing with check fraud for many years. The scams have become more creative and it is difficult to spot them right away. A recent case of check fraud was reported in the City of Prairie Grove.
The city representative said that Arvest Bank flagged a check. It was written on what appeared to be the city’s account for about $600 out of another state at the end of 2018. The document looked like a city check with appropriate signatures on it. The bank was suspicious because the check number was much higher than recent checks issued by the city. A representative from Arvest Bank called the client to verify the check and found out it was a fraudulent document.
The City of Prairie Grove took action and requested permission from Legislative Audit to use a credit card system called ePayables credit card payments in lieu of checks. According to recent studies, many companies in the US have been switching to paying vendors with a credit card, instead of writing a physical check.
The University of Washington uses ePayables credit card payments as the preferred method of paying vendors. They partnered with Bank of America to offer a card payment program to suppliers.
Florida State University is also in the process of implementing ePayables credit card payment system with Wells Fargo bank. They incentivize vendors to enroll into the program by providing shorter payment terms.
By using ePayables credit card payments solution, companies aim to reduce paper waste, exposure to check fraud and the amount of time to pay suppliers. The system sends notifications to suppliers to let them know when the bill is approved and when the payment has been issued. This makes the process more transparent and easier to track.
Printech ePayables credit card payments solution
Printech Global Secure Payment Solutions LLC offers a secure payment system, CheckPlus. The company realized the need for new payment options and now offers an enhancement, which allows clients to disburse payments through ePayables credit card payments. The customer’s bank needs to offer such an option in order to use the model, as CheckPlus will send the ePayables file directly to the bank for processing.
The software is customized based on customer’s needs and sends payments to be processed via check, ACH or virtual card. The business rules define how the payment is going to be disbursed and payment is processed as defined by the client. This way the client decides how each payment type is processed. The same batch can have transactions that are going to be processed via a paper check or electronically. The process saves time and it is more efficient.
The benefits of using cards are not only related to fighting check fraud. The cards provide a faster way to settle payments to suppliers. They eliminate the cost of paper, check disbursement operation and labor of tracking lost or stolen checks.
Companies can also improve cash flow by getting rebates from their financial institution based on business transaction volume. They can turn the accounts payable department into a revenue generator.
The card settlement works similar to an ACH transaction and allows faster payments via a safe and secure platform.
The payment process becomes seamless and virtual cards automate the payments and reconciliation processes by integrating them into a financial or ERP system.
Contact us today to schedule an online Web demo. Learn how CheckPlus ePayables credit card payments system can manage electronic payments in secure and reliable way.