Business Guidance / Featured / Financial Tips

Tips to Streamline and Secure your Business Payments

Fraud is one of the greatest challenges businesses face today. According to the 2019 AFP Payments Fraud and Control Survey, 82% of organizations reported incidents of payments fraud in 2018. This staggering statistic makes it clear that you need strict controls in place to prevent losses. Managing your daily cash flow and establishing strong, trusted relationships with your vendors and suppliers are also crucial to business success.

To remain competitive, it is critical for businesses to streamline and secure the payment process in an effort to prevent fraud, save time and control cash flow. Consider these technology-driven cash management solutions that can help:

E-Services

Through an online business banking platform, businesses can streamline the payment process by using ACH (Automated Clearing House) to pay vendors or initiate direct deposit. ACH is becoming the most popular and preferred payment method amongst businesses because it’s quick, convenient, cost-effective and paperless – a welcome perk as many companies are “going green.”

In addition, this service provides businesses the ability to have more control over the timing of their payables which helps keep their cash flow in check. Typically, ACH transactions have a lower processing fee compared to checks, credit cards and wire transfers.

You can also utilize ACH Positive Pay to reduce the risk of paying unauthorized ACH transactions. This service ensures only approved ACH transactions post to your accounts thus protecting your business’ financial assets. With block and filter functionality, ACH Positive Pay automates ACH transactions that match your instructions and returns all potentially fraudulent debits to the originator.

 Purchase Card

A purchase card is another option for paying vendors. A purchase card is often used by businesses looking for one card to cover all business expenses including travel and entertainment. This program is most beneficial for businesses with larger spend volumes who are looking for ways to increase efficiencies by paying vendors. A purchase card simplifies the account payable process with fully automated reporting and an expense management online platform.

Whether you’re a small business just starting out or an existing business that’s growing, it’s vital to stay relevant in the market you serve. It is important to evaluate your processes and offerings on a regular basis and implement enhancements as needed. At Univest, we are continually exploring ways to help businesses meet their goals. By reviewing your current bank processes we can provide a suggestion for custom cash management solutions specific to your business. If you’d like to learn more about how cash management services can help reduce the risk of fraud, increase efficiency and manage cash flow, contact me at armitages@univest.net or 267-695-3982.