Jun 26, 2018 9:58:56 AM
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:
Helping our clients make safe and confidential payments is our number one priority. Developed in collaboration with data-encryption experts and government anti-cybercrime entities, our platform uses state of the art monitoring systems to track all web traffic in and out of the platform, in addition to several other proprietary data security measures that enable us to block potential breaches without affecting internal operations or risk.
We believe that secure payments should be commonplace, and that security doesn’t have to synonymous with complicated. Our virtual credit card payment platform powers secure payments in a efficient, yet simple manner. Kontrol's unique vendor enrollment approach converts more of your payments to virtual card, optimizing the security of your payment process while generating significant revenue for your AP department.
To begin making more secure payments contact Kontrol Payables and let us give you the peace of mind that comes with a guarded payment platform.