Adapting to the digital age is a priority for small- to medium-sized business owners in the B2B space. Since the onset of the COVID-19 pandemic in 2020, customers expect easy ways to make quick, contactless payments.
As a result, it’s crucial that businesses get rid of paper options for good and take steps toward increasing payment security. If your internal team is constantly bogged down by fraudulent activity and customer requests, it could impact your reputation as a business. Plus, you’ll want to save yourself the stress of a legal battle and other expensive dispute costs. Read more about how to prioritize payment security.
Learn about the RTP Network
The payment landscape in the US has gone through some recent changes to help add more capabilities for business owners. If you haven’t already, you’ll want to introduce yourself to the US Real Time Payments (RTP) Network.
The RTP Network authorizes instant payments and messaging without business hour restrictions and other roadblocks, according to Payments Journal. This system works well for businesses that run on a regular 9-to-5 schedule but also for workplaces with longer, shortened or nontraditional hours. I highly recommended checking it out ASAP for a more streamlined process and quicker receipt of goods.
Additionally, keep an eye out for same-day ACH payments to help meet consumer needs for more convenient payment options. I’ll be keeping an eye on this throughout the upcoming months because ACH has had an increase of 41% in payment volumes since 2019.
Assess Multi-Level Verification
A robust multi-level verification process for any transaction that is agreed upon online is crucial, according to this article from Finextra. These processes must be professional, tested and preferably put together by a web team.
A good example of multi-level verification is when a customer is transferring funds and they’re asked to input a one-time code that was either texted or emailed to them. Adding this extra step drastically reduces the risk of fraud. Plus, you’ll cut down on time spent on customer support calls if customers are easily and safely able to access their online payment portals.
Double-check linked checking accounts
When a customer links their credit account, they are protected from fraud the majority of the time. However, that’s not always the case when checking accounts are linked, because they are easier to hack into and steal money from.
To protect customers from losses, it’s recommended to link to a secondary checking account with a lower balance when possible if a credit account cannot be used.
To learn more about how you can level up your business and protect yourself from fraud in the digital age, visit my website or call 617-843-5700.
