Integrated payables is a system that simplifies the payment process that enables businesses to send all of their vendor payments as a single, “online payment file” to their bank. The bank then processes and allocates the payment as per the instructions given by the business. Integrated Payables Have Benefits So what are the benefits of adopting integrated payments? Having integrated...
Due to the COVID-19 outbreak, the global fraud detection and prevention market is projected to generate about $145.7 billion in revenue by the year 2026. This is at a Compound Annual Growth Rate (CAGR) of 28.4%, according to Business Wire. With the uncertain times, we currently live in, millions of people are currently working online from home. Due to lockdowns...
The year 2020 will forever be remembered as a year of considerable change, one that has pushed people and commerce into extremes never before seen in the history of the world. Interestingly enough, at the advent of this year, our unemployment rate was enjoying a notably low rate. It was only at 3.6 percent. The GDP was increasing at a...
The current pandemic has brought forth more sophisticated scammers like never before. Fraudsters, taking advantage of the pervasive fear and uncertainty among the population have devised many fraudulent schemes, including: masquerading as people in need, businesses peddling personal protection devices, and government leaders pledging to provide stimulus funds. According to an AARP report, people in the U.S. have lost an...
In 1974, the Fair Credit Billing Act (FCBA) was passed as an amendment to the Truth In Lending Act. It’s objective was to protect consumers from billing practices that were unfair and to provide a means to address billing errors in credit card accounts. Although this act awarded millions of consumers a way to protect themselves from unauthorized, fraudulent, and...
Originally, disputes were built to protect the buyer. These days, however, the idea of accumulating reverse charges poses a significant danger to businesses. Chargebacks are inevitable and often exceed the merchant’s expectations. Excessive rates can take a toll on your credibility, credit background, and customer loyalty. Add that to the increasing favoritism for buyers, and the situation is bottom-line threatening...
It’s dangerous to pay a deaf ear to fraud and new safety techniques if you run a business prone to payment fraud. Merchants want as much protection as possible— and adding an extra layer of protection can further reinforce your multilayer strategy. Velocity checks, for instance, are an important way to deal with fraudulent purchase attempts in your eCommerce website....
Payment Processing can become risky with an increase in refund rates. One of the many obstacles that high risk merchants have come to acknowledge is chargebacks. Chargebacks can lead to the termination of their merchant account. However, this is not the only menace that can threaten a high risk merchant’s position with acquirers. Another threat that can jeopardize their status...
Chargebacks can be the proverbial thorn in the side of every business. Originally created in order to protect consumers, unfortunately, it has become an easy way for some to commit fraud. Inevitably, this has deeply hurt businesses as they spend an inordinate amount of time, money, and energy fighting this never-ending battle. When merchants have many chargebacks (exceeding a rate...
Transaction laundering is increasingly becoming a threat within the payments industry. According to EverCompliant, a solutions provider, in 2016 $155 billion was created from online sales through transaction laundering in the U.S. alone. It was also found that banks were processing close to six to ten percent of “unauthorized” e-commerce sites. Out of that, three percent were discovered to be...
