Tag Archives: epayments


Protect Your Organization from Payment Fraud Risk

Do you know how to build a resilient organization, ready to handle the growing threats of payment fraud? Payment fraud risk is a very real threat to organizations. One slip-up in processing an ACH or wire transfer could cost millions of dollars and result in significant embarrassment for finance teams. If you have money and … Read More

5 Ways Electronic Payments Improve the Healthcare Revenue Cycle

If your healthcare organization’s knees are buckling from the pressure of managing shrinking reimbursement rates, skyrocketing costs, and growing cyber security threats, you are not alone.  Hospital and health system CFOs and revenue cycle leaders are under ever-increasing pressure to develop strategies to improve the financial health of their organizations—and his won’t change in 2020. … Read More

Don’t Settle for a Fractional Bank ePayment Solution

The world of electronic supplier payments is growing rapidly. Companies are making the transition to eliminate check writing and move to secure electronic payment (ePayment) platforms. The time savings, fraud prevention, and cost savings have already convinced many companies to outsource their accounts payable disbursements. Traditionally, banks have been the trusted adviser in this new world, but … Read More

Protect Your Organization from Payment Fraud Risk

Do you know how to build a resilient organization, ready to handle the growing threats of payment fraud?


Payment fraud risk is a very real threat to organizations. One slip-up in processing an ACH or wire transfer could cost millions of dollars and result in significant embarrassment for finance teams. If you have money and secure data, no matter your company size or industry—you are at risk.

What is Payment Fraud?

Payment fraud is any type of false or illegal transaction by a cybercriminal. It’s important for finance professionals to understand what motivates people to commit payment fraud so they can better assess risk and assist in implementing preventative and protective measures.

Despite the significant efforts being made by the financial services industry, risk and fraud mitigation vendors, and the global law enforcement community, merchants are reporting that their fraud losses have risen in the past year.

According to an Experian blog that highlighted its 2019 Global Identity and Fraud report, which surveyed 1,000 businesses in 21 countries, over half of businesses reported that their fraud losses had grown in the past 12 months compared to a year earlier. Additionally, 27% of businesses stated that losses had stayed the same over the same time period.

Additionally, in a recent Kroll survey, 84% of financial professionals surveyed reported at least one incident of payment fraud, which is up from 82% reported in 2016 and 61% reported in 2012. On top of that 86% of respondents reported at least one cyber incident or information data theft, loss, or attack within the last twelve months.

Recent Payment Fraud Incident

Manor Independent School District in Texas recently fell victim to a phishing scam that cost millions. Phishing scams are emails designed to trick users into handing over personal information. The school district is expected to recover at least, and more of the stolen money could be recovered as the investigation into the scam continues.

“Manor ISD has developed additional internal security protocols with a variety of training and testing efforts designed to continually educate staff, which assure that the protocols are being followed,” the ISD said in an updated statement. It added that police are continuing to chase down leads “in order to bring this case to a swift and legal conclusion.”

How can you protect your organization against payment fraud risk?

Paymerang partnered with Kaplan, one of the world’s largest and most diverse education providers, to share more about the risk of payment fraud. During the video, Paymerang CEO, Nasser Chanda, addresses the risk of payment fraud and what organizations can do to shield their organizations from fraud.

5 Ways Electronic Payments Improve the Healthcare Revenue Cycle

If your healthcare organization’s knees are buckling from the pressure of managing shrinking reimbursement rates, skyrocketing costs, and growing cyber security threats, you are not alone. 

Hospital and health system CFOs and revenue cycle leaders are under ever-increasing pressure to develop strategies to improve the financial health of their organizations—and his won’t change in 2020.

Against this backdrop, improving revenue cycle performance is a top priority for healthcare finance leaders, and they are meeting this challenge by optimizing their payments to suppliers.

How electronic payments improve revenue cycle performance

Optimizing payments to suppliers enhances the healthcare revenue cycle in five ways:

1. Higher profit margins: Electronic payment solutions reduce the costs of paying suppliers, contributing to higher profit margins. Electronic payments also streamline payment operations. A single payment file upload initiates payment to all a hospital or health system’s suppliers; instructions are parsed, and payments are automatically remitted in all payment methods. This eliminates the need to log in to multiple banking systems and wipes out the costs of printing and mailing paper checks. What’s more, electronic payments provide real-time payment reconciliation that eliminate the keying of data or the decoding of banking messages. Additionally, advanced solutions deliver detailed payment and reconciliation reports. These reports enable more accurate accrual reporting, greater payment reporting integrity, and better visibility into spending based on the metrics most important to executives.

2. Better cash flow: Best-in-class accounts payable departments – typically, those with a high level of automation – approve and post an invoice within 3.6 days of receipt, per The Hackett Group’s E-Invoicing Benchmarking Study.  Conversely, it takes departments with little or no automation 16.6 days to process a single invoice.  Hospital and health systems are literally leaving money on the table because of slow invoice approval cycles.  The average discount that suppliers offer for early payment is 2 percent, IOFM’s 2017 P2P Benchmarking Study finds.  Highly automated accounts payable departments capture seven times more early-payment discounts (as a percentage of spend) as their peers, per The Hackett Group’s E-Invoicing Benchmarking Study.  That means that a $1 billion-revenue hospital or health system that previously captured $200,000 annually in discounts may gain $1.4 million in additional discounts through automation—which is a significant increase in net profits.

3. Enhanced cash and spend management: Electronic payment solutions empower CEOs and other health finance leaders to effortlessly drill down into key information, analyze issues, and uncover opportunities for driving growth and profitability.  Decision-makers have real-time access to critical data, including: on-time payment percentage, spend by supplier, payment value and volumes, Days Payable Outstanding (DPO), discount capture, cash-back rebate metrics, and team productivity metrics.  Electronic payment solutions also track the status of payments (including initiated payments and rejects), generate detailed transaction and reconciliation reports, and provide a consolidated view of all payout accounts. 

4. Cash-back rebates on corporate spend: Hospital and health system CEOs can really get excited about cash-back rebates on payments made via virtual card (or vCard).  It is not uncommon for organizations to earn cash-back rebates on 30 percent of their spending.  In some cases, the cash-back rebates earned by hospitals or health systems have single handedly made their accounts payable department a profit center.  The money earned through cash-back rebates also can be used to fund innovation in the finance department and beyond. 

5. Extended DPO: Leveraging certain card programs for electronic payments enables hospitals and health systems to extend their DPO, a measure of the time it takes an organization to pay its suppliers, without changing their payment terms.  Since the funding for vCards is provided by the buyer’s bank, and the payback period to the card issuing bank doesn’t kick in until the payment is initiated, buyers can extend their DPO by several weeks.  Extending DPO frees up cash that CEOs and other health finance leaders can use to pay down corporate debt, make capital investments, increase research and development, or support other growth initiatives.

These benefits are sure to capture the attention of CEOs and other health finance leaders looking for ways to improve revenue cycle performance. 

Want to learn more about how Paymerang can improve your healthcare organization’s revenue cycle? Contact [email protected] to arrange a no-obligation consultation.

Don’t Settle for a Fractional Bank ePayment Solution

The world of electronic supplier payments is growing rapidly. Companies are making the transition to eliminate check writing and move to secure electronic payment (ePayment) platforms. The time savings, fraud prevention, and cost savings have already convinced many companies to outsource their accounts payable disbursements. Traditionally, banks have been the trusted adviser in this new world, but are they the best choice? Sending over some card payments, ACH transactions and wire transfers does not constitute a holistic ePayments solution. And yet, that is exactly what many companies are doing. Fractional bank solutions do not provide the best opportunity to transform your AP department. CFOs and Controllers should be asking the following questions:

  1. Will I still need to reconcile my accounts? 
  2. Do I need to open a line of credit to process my card payments?
  3. Who does all the work in enrolling new vendors after initial setup, and what level of service is provided to these vendors? 
  4. Will you make sure I am compliant with NACHA, OFAC and PCI? 

If the answer to any of these questions results in additional work for your AP department or does not mitigate your risk—a fractional bank solution is not in your best interests. A complete ePayment platform will allow you to gain operating efficiency, reduce or eliminate check writing, provide generous cash rebates, ensure compliance and protect your funds in the most secure environment possible. 

To learn more about a complete ePayment platform visit us here or contact us now [email protected]