Increase Security With Flexible Payment Solutions
In efforts to cut costs and focus on core business functions, many companies are outsourcing B2B payments. It’s an effective way to save money, but there’s always the question of security when dealing with financial processes, especially if you’re giving a third-party provider access to your information. Curious about what options there may be out there that offers you an opportunity to cut costs in a secure way?
Reduce Fraud and Risk
The key advantage to using a trusted third party provider is in improved financial controls. Check fraud is one of the most common forms of payment fraud, and even switching to electronic payments doesn’t always help. Outsourcing lessens the burden on your internal AP department to catch fraud and using a neutral, certified firm strengthens internal controls by keeping important financial tasks separated.
A trusted, third-party financial system also lessens the risk of data breach. Your database of vendor financial information is a prime target for cyber theft. Trying to secure this information internally requires intense security protocols and places a burden of risk on your financial department. You’ll want a SSAE-16 and HIPAA Compliant provider with extensive security protocols to protect your data.
Customize Your Solutions
Our systems are highly customizable and you can use your own staff as much or as little as you want. Whether you choose to print checks yourself or use our check mailing service, your payments are easier to process and track when you use our system.
If you print checks yourself, you can configure the check appearance (including logos, fonts, and signatures) directly in the system. It also lets you track and monitor the status of your checks and transmit positive pay information to your bank.
If you use our check mailing services, we MICR encode blank stock at the time of printing. Checks are then trifolded, pressure sealed, and mailed the same day they’re printed. Attaching invoice stubs, sending via overnight carrier, and other special handling services are included.
Transfer Files Securely
When you start using a digital system, you need a way to securely customize and handle files. Our system utilizes Secure File Transfer Protocol (SFTP) that allows you to transfer, access, and manage different file types over any reliable data stream. This also allows quick and safe file transfers to your bank.
The secure system also lets you receive granular reporting on payment turnaround. You can access information about your check or ACH process in real-time. For key vendors, the system lets you set up direct accounts receivable file transfers. Contact us today to schedule a demonstration and learn first-hand how NextProcess’ flexible payment solutions can ensure your payments are processed securely, on time, and to the right people.