Part 1: Adding Card to Your Payables Strategy
Complexity in payables continues to escalate as new payment rails and formats roll out rapidly. The demands of increased efficiency, control, cashflow and flexibility put a stress on processes and require a refresh of your payables strategy. Your vendors and payable counterparties have different needs and level of criticality to your organization. Wishing that a one-size fits all was true is best replaced by developing a strategy that takes a more comprehensive view of your objectives. This will usually include stratifying your vendor/payer base and finding where Card is an optimal method.
This session is most appropriate for: Procurement, Accounts Payable, Treasury and leaders of Shared Service Centers/Centers of Excellence and those managing working capital.
Part 2: Reducing Fraud in Your Payables
Payment fraud is a significant concern, with increases in both frequency and average loss. Criminals are leveraging their playbook for fraud and are continuing to expand their attack methods. What can companies do to reduce the surface areas that are most susceptible to attack? How can they accomplish this without breaking their systems or their communication with business counterparts?
This session covers the current fraud situation, what payment platforms are doing to secure the various endpoints, and options for companies to reduce the surface area of attack on their own. The principles covered will apply to all payment types, while a more detailed review of areas where the virtual approach applies will be explored for ACH and Card payments.
Part 3: Making Payments: Moving Virtual for Flexibility
Sure, making payments by card seems like it could be useful in some cases. But, very few think that card allows a company to increase flexibility. There can be a substantial concern that using card can make your payment process fragmented and more difficult. That seems to be opposite of flexible. To understand this properly we need to be more specific in defining our terms.
‘Fixed’ card numbers and ‘Virtual’ card processes have a significantly different methodology. Many are familiar with how Virtualization (using virtual card numbers) provides improved security over physical and Ghost cards. Few understand the application of virtualization as a way to add flexibility and value into the AP process.
This session will cover how virtualization functionally works to streamline the process, allowing your finance group to scale and adapt in a highly flexible manner.