Fraudulent Payments

Fraudulent payments may be disastrous for any company, but they can be especially catastrophic for smaller companies that do not have the financial resources to absorb the loss. You are in luck because you can take a few actions to guarantee that you have done everything in your power to safeguard your company from falling prey to fraudulent payment schemes. In the following paragraphs, we shall investigate some of these topics further.

Fraudulent Payments Due Diligence

Performing due diligence is one of the most important things you can do to safeguard yourself and your company. If you are not familiar with the provider you are working with, it is in your best interest to look them up on the internet and see if they have any reviews. Before you submit any funds to unethical companies, you may use this to assist you in avoiding doing business with dishonest companies.

In addition to looking at customer evaluations, you should investigate whether or not the company has social media profiles and whether or not those pages are updated regularly. It is common practice for active businesses to keep their clients abreast of their activities by routinely posting updates to their social media accounts. If you are utilizing a new provider, it is in your best interest to check their social media accounts to see how they communicate with their existing clients and determine whether they have received positive feedback on third-party websites such as Trustpilot.

Fraudulent Payments : Forms of Payment

It is essential to consider the mode of payment that you will use when sending a payment to a new supplier with whom you have never done business before. Suppose a corporation won’t accept any other form of payment save Western Union. In that case, this is a red flag that should raise serious concerns about the legitimacy of the business. Some methods of payment give a higher level of security than others. Compared to paying with a debit card, using your credit card gives you more safety. Additionally, protecting against fraud are payment processing services such as PayPal.

However, if you want to reduce the amount of money you spend on fees, the best choice is almost always to make bank transfers. Credit cards sometimes come with high-interest rates, and online payment systems such as PayPal frequently charge enormous transaction costs. Wire transfers from a bank may often be used to make immediate payments, although they include a price. Even while this is typically the most prevalent payment method for a company, it is not necessarily the ideal option in every circumstance.

ACH payments are pretty similar to bank transfers; however, the costs associated with them are substantially cheaper, and they are even waive entirely with specific providers. The only significant drawback is that it takes more time than a conventional bank transfer. However, when it comes to preventing fraud, this seemingly insignificant wait of a couple of days might be helpful. It indicates that you can simply reverse the money if you find the merchant is not legitimate. Performing this action with a conventional bank transfer is quite challenging.

Verification of Account Information

There are also specific services available that provide their users with a method to verify their accounts.This will give you tremendous peace of mind when it comes to transferring the money since it will enable you to check that the firm is who it claims it is before you send the money.

One company that accomplishes this is known as Envestnet | Yodlee. Because the process of real-time account verification on their platform takes practically no time at all, you will be able to move on with your company as rapidly as possible. Envestnet | Yodlee is another company that provides excellent ACH payment solutions; thus, if you are interest in learning more about this topic, you should go to their website and look into it.

Take measures to safeguard your company against fraud by conducting thorough research and making enough preparations. You should discover that the likelihood of you being a victim of fraud is significantly reduce.

Always make sure that your company is protect by having good organization and an exemplary process for vetting new suppliers before placing the first order. Taking steps to prevent such action is often affordable than trying to recoup lost funds after the fact, so always make sure that you protect your business.

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