By Lola Rain

“Have your folks focus on where you are really adding value to your seniors and your communities,” said Michael Doerr, VP of Paymerang. In the recent webinar, Turn Your Accounts Payable Into Something Fantastic, Michael explained how your staff’s talent should be spent on strategy.

Michael’s career is dedicated to Finance Technology (FinTech). He received an MBA before joining Paymerang, which processes billions of dollars of business payments each year. To mitigate fraud, Paymerang puts risk management at the core of its business.

Security and fraud is a huge issue. “Eighty percent of organizations saw some type of fraud in 2019,” emphasized Michael. He explained how COVID-19 has contributed to this. Criminals are getting better at being imposters. They are not just pretending to be the IRS, they pretend to be the people who manage our finances.

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Why Go Electronic?

It is convenient and secure. It’s like swiping a credit card at the store.

In this webinar, you will learn:

  • The importance of business continuity. A pandemic was previously not part of a company’s business continuity plan. No longer can you depend on reviewing invoices in-person or having multiple signers on checks without adding complications to your workflow.
  • How to make your vendors happy with faster payments and higher quality service.
  • The benefits of reducing paper. It’s great for the environment and for your filing cabinets.
  • The implementation process of automating your accounts payable. It can be done in under 30 days, with less than 20 hours of staff time.

There are only upsides to automating accounts payable. It’s simple. Just upload your check file into a portal and fund your payments. Viola, your payments are now made electronically!

AP Automation Checklist — 12 Questions to Ask to Ensure Your Money Is Protected

 When considering automating your accounts payable make sure to ask the following questions:

  1. Is there a “For Benefit Of” (FBO) Account?
  2. Are your payments insured for general liability, errors and omissions, employee theft, forgery, computer fraud, funds transfer fraud, currency fraud, and credit card fraud?
  3. Is your payment data encrypted and does it use two-factor authentication?
  4. Can the account be set up with multiple approvals?
  5. Can it be configurable with single payment limits?
  6. Are payments made with virtual debit cards to protect against fraud?
  7. Are your suppliers’ identities confirmed upon signing up for ACH direct deposit through a secure login?
  8. Are you shielded against phishing attacks?
  9. Are your payments made using Positive Pay, a service that matches the account number, check number, and dollar amount of each check cashed?
  10. Are you protected against duplicate payments within 30 days?
  11. Is there an audit trail?
  12. Do you reconcile on a daily basis?

Want to see your payments turn a profit? Request a demo of Paymerang.