Increase Security With Flexible Payment Solutions
Even before the pandemic, many companies started outsourcing business-to-business (B2B) payments in an effort to cut costs and focus on core business functions. Since the pandemic accelerated many companies’ digitization, the need for digital payment management has only escalated.
Outsourcing payments and digitizing payments are both effective ways to save money, but there’s always the question of security when dealing with financial processes. This is especially concerning if you’re giving a third-party provider access to your information. Whether you’re outsourcing the process entirely or using Payments as a Service (PaaS) software, you’ll need to make sure that the payment solution you choose is secure.
The good news is that outsourcing payments through PaaS software can actually increase the security of your payments. The PaaS model makes managing payment services much more efficient. With this solution, you’ll outsource the background processing tasks for payments to a software supplier. At the same time, you’ll stay in control of your payments and have full access to the software tools. NextProcess Payment Solutions offers you an opportunity to cut costs in a secure way.
Reduce Fraud and Risk
One key advantage to using a trusted third-party provider like NextProcess comes from improved financial controls. Check fraud is one of the most common forms of payment fraud. Even switching to electronic payments isn’t always enough to stop this issue.
Outsourcing lessens the burden on your internal AP department to catch fraud. In addition, 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 a 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. NextProcess is an SSAE-16 and HIPAA Compliant provider with extensive security protocols to protect your data.
Automate Customized Compliance
Reliable PaaS providers ensure their software complies with regulations on a regional, national, and global level. Your software provider will also continue to update security features to keep your payment data safe in a digital world. In many cases, the security they provide is better than what your company could reasonably manage in-house. NextProcess is an expert in financial software, including how to keep our software systems secure.
Additionally, our systems are highly customizable. You can use your own staff as much or as little as you want. You can customize exactly who has access to the payments software, and even which parts of the software different users can see. You’ll only pay for the transactions you use; not based on the number of users, so you can add as many employees to the system as you want.
You can also customize the software settings to ensure that the payments system complies with your company’s regulations. For example, you can set up custom rules for which types of payments the system handles automatically and which go to a manager for approval.
Flexible Payment Solutions
NextProcess also offers flexibility in the types of payments you issue. PaaS software makes digital payments easy. It can even process some completely automatically, depending on your company’s custom controls. It also makes printing checks easier. 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 tri-folded, 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 handle files. NextProcess’ 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. That direct payment option is just one of several benefits to PaaS systems that can help improve vendor relationships. With PaaS, it’s easy to pay with your vendors’ preferred payment methods and make sure invoices are paid on time or even early.
If outsourcing the nuts-and-bolts of digital and check-based payment processing sounds good to you, contact us today. We’ll be happy to answer any questions you have and schedule a demonstration so you can see first-hand how NextProcess’ flexible payment solutions can ensure your payments are processed securely, on time, and to the right people.