It seems as if the business world changed overnight. According to the Pew Research Center, 71% of businessmen and women will be permanently working from home after Covid-19 sent them out of the office. From local small businesses to large corporations, many CFO’s and accounts payable departments will find this transition to be a challenge. As we all adjust to a new work life balance, let us share some Do’s and Don'ts of working remotely from a payments perspective.
DO: Switch To an Integrated Payment Solution.
Integrated payment platforms have been increasing in usage throughout the years but due to the pandemic we have seen a spike in usage. Jodie Kelley, CEO of the Electronic Transactions Association, said in an interview with CNBC, “Contactless payments have come up as a new option for consumers who are much more conscious of what they touch”. Forbes also reports that they have seen a 50% increase in mobile and online banking since the start of 2020. Whether you are working from home, or are in the office, integrated payment offerings, which offer virtual payments technologies, provide a streamlined payment experience that keeps all of your data in one convenient place.
DON’T: Think That All Integrated Payment Platforms are the Same.
While Integrated Payment Platforms are more efficient and secure than traditional payment methods, not all Integrated Payment Platforms are created equally. Whether you already have a provider or if you are just beginning your search, evaluate your payment provider to ensure your sensitive payment information stays secure. Ask these six questions.
Do they offer a spectrum of payment offerings to include virtual payments, push payments, virtual cards, ACH payments and checks?
Where are their operational and development facilities? Do they offshore client management and supplier enablement?
How many of their customers use the same ERP or accounting system that you use?
Can they share contact information for a couple of their customers you can speak with for feedback on their integrated payment solution?
What security measures does the solution have to protect sensitive information? Is it PCI compliant?
DON’T: Use Public Wifi to Access Integrated Payment Platforms.
While the number of online payments has risen greatly; unfortunately, we have seen a rise in cyber fraud as well. Using Public Wifi, if unsecured, makes your computer an easy target for cyber thieves. Forbes reports the most common cyber fraud is “man-in-the-middle attacks, in which a scammer is able to essentially pull your banking information out of virtual thin air as it’s being transmitted from your device”. We suggest working directly from home, or using a secured personal hotspot if you choose to work in public.
DO: Stay Informed.
Working remotely and social distancing in general may give you a sense of disconnection from your coworkers and friends, however staying in communication can be made easy through virtual platforms such as Slack, Zoom, and GoogleMeetings. In life communication is key, so be sure to reach out to support systems within your community. Just because it seems the world has slowed down, doesn’t mean your business has to. Stay competitive during this time of uncertainty by subscribing to blogs and newsletters.
To stay connected with all the latest insight into Integrated Payment Technology follow Singe Payables on LinkedIn as we are continuing to build our customers’ knowledge of payment strategy and technology, and check out who we are for more information about how we know so much about payments!
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