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I believe fraud will increase with Your customers have more on their minds than choosing a new vendor to
"same-day ACH," since it cuts a day process credit card transactions. The more you know about your customers
out of the traditional clearing and and prospects, the better able you are to meet their needs.
settlement time for transactions. This
leaves less time for banks to monitor The role of technology
incoming requests and validate the Now I want to return to fintechs, which will transform the payments world
withdrawing parties. Same-day debit with next-generation, tech-driven offerings. When calling on clients and pros-
processing could introduce a lot more pects, your success does not depend on a technology-first strategy. It depends
unauthorized returns, and previous on listening to them and finding ways to make their lives easier.
methods to detect this will no longer
be available. Keep in mind that most fintechs will fail in their first few years from lack of
New threats capital or because their products don't get traction in the marketplace. Technol-
ogy will drive some disruptive innovation, but the small businesses you are
A relatively new factor is business calling on have operational and management needs they want to address right
e-mail compromise. This happens now. Your goal is to enhance the customer experience with your company's
when somebody has compromised products and services. If you constantly improve your customer experience,
a firm's legitimate business email you can never go wrong. Your competitors won't be able to "counterfeit" that.
through social engineering or com-
puter intrusion techniques. An em- Brandes Elitch, Director of Partner Acquisition for CrossCheck Inc., has been a cash management
ployee gets what looks like a legiti- practitioner for several Fortune 500 companies, sold cash management services for major banks
mate email from his or her boss (CFO
or Treasurer) directing the individual and served as a consultant to bankcard acquirers. A Certified Cash Manager and Accredited ACH
to make a quick wire transfer to close Professional, Brandes has a Master's in Business Administration from New York University and a
a deal. All that is required to ferret Juris Doctor from Santa Clara University. He can be reached at brandese@cross-check.com.
out fraud is for the recipient to phone
the sender on the phone to verify the
request.

I would view check and wire transfer Let Be Your EMV Expert!
fraud as very manageable issues that
can be controlled by traditional man- Your EMV Eco-System Made Affordable!
agement practices applied rigorously.
This is common in large enterprises, eProcessing Network has the secure, payment solutions to help you stay current with the
which are audited by public account- technologies that keep your merchants connected. And with real-time EMV capabilities,
ing firms, but not so for small and retailers can not only process contact and contactless payments, Apple Pay and Android Pay,
midsize businesses. Corporate credit they’re able to manage their inventory as well as balance their books via QuickBooks Online.
card/purchasing card fraud is almost
always attributable to "bad employ-
ees" who are using cards for unau-
thorized purchases.

Visa has pushed corporate cards for 20 is EMV-Certified
years with minimal traction because
of the horror stories associated with
this product, which I do not need to
rehash here. It is no easier to reconcile
a bankcard statement than a bank
statement. I would argue that with
bank-positive pay updated from
the firm's general ledger system, it
is easier to reconcile the checking
account. It is a lot more expensive to
use a corporate credit card than to
write a check, so I see no rationale for
using a corporate purchasing card,
except to create new revenue for the 1(800) 296-4810
issuing bank. It is disingenuous to eProcessingNetwork.com © eProcessing Network, LLC. All Rights Reserved.
pretend otherwise. All trademarks are the property of their respective holders.

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