Is Fraud Inevitable With Automated Payments?

Posted on Oct 25, 2018 10:03:00 AM by Chad Clay

Payment Fraud Continues to Grow

The Association for Financial Professionals recently released the findings of their 2018 AFP Payments Fraud Survey, and the numbers were pretty startling: 78% of respondents reported that their companies had been victims of payments fraud in 2017, up from less than 75% the year before. The good news is that check fraud decreased slightly from 2016, but ACH fraud continued to be high, both for debit and for credit payments. A major source of this fraud is business email compromise, or BEC. It's clear that electronic payments are here for the long term, so what can users do to fight risk and ensure the security of their funds? Is fraud inevitable with automated payments?

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Topics: Payment Fraud, security

4 Reasons Why Virtual Card Payments Have Surged Among Nonprofits

Posted on Sep 6, 2018 12:43:15 PM by Tom Parrish

Most of the conversation around card payments in the nonprofit sphere tends to be about the best ways to process electronic donations. This focus is, of course, highly understandable: No 21st century nonprofit can thrive without empowering donors with an easy means of supporting the organization. But what about the flip-side of the payment coin? Nonprofits have to pay their suppliers, too, and some ways are smarter and more beneficial to charitable organizations than others. 

For instance, when nonprofits implement virtual card solutions for their automated accounts payable, the accrued benefits can be exceptional - revolutionizing not just the accounts payable process, but organizational funding strategies, as well. A not-for-profit organization that implements virtual card payments for a significant portion of its AP spend can expect to reap a host of perks, including cost-savings; time-savings; heightened payment security and control; and most compellingly, an alternative source of revenue to help fund its mission. 

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Topics: Nonprofit Organizations, Virtual Payments

In the News: Kontrol CEO on Virtual Card Advantages, Challenges

Posted on Aug 23, 2018 2:25:21 PM by Kontrol Team

Kontrol CEO and payment industry consultant Scott Songer is quoted extensively this week in a great piece by John Carroll at TSYS about the advantages of virtual cards for B2B payments, and some of the challenges to their growth in the market.

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Kontrol Selected to 2018 Inc. 5000 List

Posted on Aug 15, 2018 12:39:37 PM by Kontrol Team

Kontrol debuts at #779 on Inc.’s annual list of fastest growing U.S. private firms.

Spokane, Wash., August 15, 2018 – Kontrol, an innovative provider of advanced payment solutions, today announced it had been named to the prestigious 2018 Inc. 5000 list of fastest growing private companies in the United States.

"It's an incredible honor to be recognized by Inc. as one of the fastest growing companies in America,” said Scott Songer, chief executive officer of Kontrol. “Our growth over the last three years has been fueled by our dynamic, committed sales and operating teams, in collaboration with a fantastic group of clients around the country. We look forward to continuing our momentum into 2019 and helping organizations streamline and secure their accounts payable while maximizing revenues."

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Topics: Kontrol

Cost Center to Cost Saver: Using Accounts Payable To Drive Cost Savings

Posted on Jul 26, 2018 10:35:00 AM by Tom Parrish

 

Summer vacation season may still be in full swing, but many of us are already looking ahead to the fall and our end of year financial goals. Did you know your accounts payable - historically a cost center - can actually drive your organization's cost savings? By shifting from resource-intensive approaches to more efficient, effective and secure payments, your AP can move from cost center to cost saver. Here are the top five ways your accounts payable process can help reduce costs all year 'round:

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Topics: Cost Savings, Rebates, Virtual Payments, security

How to Evaluate An Electronic Accounts Payable Provider [CHECKLIST]

Posted on Jul 12, 2018 10:26:15 AM by Chad Clay

In the past few years, the industry has exploded with automated electronic accounts payable solutions. While it’s good to have options, sometimes sifting through all of those providers can be daunting. How do you know which provider offers the accounts payable solution that’s best for your organization? Where do you start? What questions do you ask? Here’s a checklist to help you get started.

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Topics: Accounts Payable, Electronic Invoicing

5 Ways Virtual Card Delivers Ultra-Secure Payments

Posted on Jun 26, 2018 9:58:56 AM by Tom Parrish

Virtual card payments are now used for more than $90 billion in transactions annually, yet for many potential users and their suppliers, payment fraud is a lingering concern. With good reason: If a company lacks a secure payment platform, payment fraud can be a routine issue in the AP department. In 2016 The Association for Financial Professionals reported the highest percentage of payment-related fraud since 2005, and stated that 75% of respondent companies had been victims of payment fraud. More recently, from January to March 2018 an estimated 1.4 billion records were compromised. Fortunately, the virtual card payment platform directly correlates to a decrease in compromised records.

We've long known that electronic payments like ACH and wire offered more protections than cash or check. But the advent of virtual card solutions has brought next-level security that is unmatched in the corporate payables and consumer spheres. Virtual credit cards offer many security benefits, protecting users from threats ranging from cyber-criminals hacking records to dishonest vendors attempting to invoice more than what is really owed. Single-use credit cards truly are the most secure way to pay. Here are five reasons why:

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Topics: SUGA, security, Payment Fraud

Your Best Accounts Payable Team: How to Measure and Reward AP Performance

Posted on Jun 7, 2018 2:26:17 PM by Chad Clay

Performance appraisals. They’re a necessary component of measuring your team’s work, both individually and collectively. And while setting goals and monitoring performance is often stressful for both managers and their employees, focusing on a few key areas can help smooth the overall process. For accounts payable team members, it’s important to ensure that their goals are tied to three elements of a successful accounts payable department: accuracy, efficiency and adaptability. Here's how to evaluate, encourage and reward the performance of your AP team in these three areas:

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Topics: Accounts Payable

Improving Accounts Payable Processes: 5 Easy Goals

Posted on May 25, 2018 10:41:29 AM by Tom Parrish

Would you believe that accounts payable processes can be dramatically improved by meeting just five easy goals? A few procedures will enable you to smooth out efficiency issues, reducing the amount of time spent on each individual invoice. Following these readily implemented fixes will enable you to save a great deal of effort and money in the long run.

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Topics: Electronic Invoicing, Cost Savings

4 Tips for Data Security in Our Electronic Payments World

Posted on May 11, 2018 10:52:05 AM by Chad Clay

Data security for electronic payments is serious business in the world of B2B transactions. According to Infosecurity Magazine, close to 1.4 billion records were compromised in data breaches between January 1 and March 31 of 2018. Happily, these numbers - while still staggering - actually represent a significant decline from Q1 of 2017, which saw 1,442 incidents exposing 3.4 billion records. Here are four ways to make sure that downward trend in data security incidents applies to the electronic payments you make to your vendors:  

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Topics: security, Payment Fraud, SUGA