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Insights and Expertise
frustration and impact employee morale. However, faster gaining access to victims' online bank accounts to
payments allow SMBs to disburse salaries instantly, initiate fraudulent faster payments. SMBs should
boosting employee satisfaction and potentially reducing ensure strong password policies, multifactor
turnover. authentication and employee cybersecurity training.
Using faster payments can enhance emergency • Data security breaches—A data breach at a financial
expense management. When immediate expenses arise institution or payment provider could expose
unexpectedly, such as equipment repairs or urgent bills, sensitive customer information used for faster
faster payments provide SMBs with quick access to funds payments. This happens when a business has poor
to address these needs without disrupting operations. data security protocols to protect it from potential
vulnerabilities.
Potential security concerns with faster payments How to get started with faster payments
While faster payments offer a multitude of benefits for Here's a road map for helping SMBs leverage the benefits
SMBs, it's essential to acknowledge potential security of faster payments.
concerns and considerations, including the following:
• Evaluate business needs—Before diving in, it's impor-
• Increased fraud risk—The speed and near- tant for an SMB owner to take a step back and assess
instantaneous nature of faster payments can make their specific business needs. This means considering
them more attractive to fraudsters. Digital payments the types of transactions they handle most frequently
are at more risk, with recent research data showing and how faster payments can benefit each area. This
that online payment fraud is set to hit $91 billion focused evaluation will help SMBs determine the most
in 2028. Therefore, SMBs must be vigilant about suitable features and functionalities various payment
implementing strong authentication protocols and processors offer.
fraud detection measures to minimize the risk of
unauthorized transactions. • Partner with a reliable payment processor—An es-
sential step for an SMB is to identify a reputable pay-
• Account takeover—Cybercriminals may target ment processor that supports faster payments. They
SMBs that employ weak security measures, thereby should begin by reviewing the list of third-party pro-
cessors that belong to the U.S. Faster Payments Coun-
cil (https://fasterpaymentscouncil.org) so they can work
with a qualified provider of the technology and in-
frastructure required to integrate faster payments into
an existing financial system.
• Upgrade financial systems—Integrating faster pay-
ments might require adjustments to an SMB's existing
financial software or accounting system. SMB own-
ers will want to integrate with a payment processor
that offers seamless integration tools, thus eliminat-
ing the need for additional software. They should be
prepared to invest in necessary upgrades, as well, to
ensure smooth operation and maximum efficiency.
The future of faster payments
Faster payments allow SMBs to prevent fraud, reduce
manual processing costs and stay competitive. Partnering
with state-of-the-art payment gateway providers gives
them access to a suite of solutions to help automate
payments online.
With the introduction of the FedNow service, technologies
like real-time payments and mobile payments are
turbocharging transactions. As a merchant services
provider, you can help SMBs integrate faster payment
technology, enabling them to enjoy the resulting benefits
in daily operations.
Walter Akolo is lead marketing executive at iCG Pay, formerly iCheck
Gateway (https://ach.icheckgateway.com). Contact him via LinkedIn at
linkedin.com/in/walter-akolo-9a09461b.
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