Payments
Exceptions Handling in Payments
Exceptions are an unavoidable part of the payment process. No matter how strong an organization’s controls may be, situations will arise that fall outside standard workflows. A supplier may submit incomplete information. An invoice may not match a purchase order (PO). Payment may require urgent processing. Banking details may suddenly change. A duplicate payment warning may appear moments before disbursement. The question is not whether exceptions will occur. The question is whether they are ha
Payment Authorization Best Practices
Payment authorization is one of the most critical control points in the entire disbursement process. It is the moment when an organization decides whether funds should leave the business. If weak authorization controls allow fraudulent, duplicate, inaccurate, or unauthorized payment to move forward, the financial and operational consequences can be significant. Strong payment authorization practices help organizations ensure that every payment is legitimate, properly reviewed, accurately docu
Internal Payment Controls Explained
Internal payment controls are one of the most important safeguards an organization can put in place. Every disbursement represents a moment of risk. Once funds leave the organization, recovering them can be difficult, time-consuming, or impossible. That is why organizations need strong internal controls that ensure every payment is accurate, authorized, legitimate, and properly documented before money moves. Internal payment controls are not just about preventing fraud. They also help reduc
Overview: Payment Controls in Accounts Payable
Payment controls are a business imperative for today’s accounts payable (AP) and finance leaders. AP departments sit at one of the most critical points in the organization’s financial ecosystem: the moment before money leaves the business. Every payment, whether by Automated Clearing House (ACH), wire, virtual card, Real Time Payment (RTP), or check, represents both a business transaction and a potential risk event. Weak controls can lead to duplicate payments, unauthorized disbursements, fraud
Real Time Payments & Instant Payment Risks
Introduction: The Newest Rail and Its Unforgiving Characteristics Real-time payments are the newest entrant in the organizational disbursement landscape, and they arrive with a risk profile that finance and treasury functions have not fully absorbed. The operational appeal is straightforward and genuine: funds move in seconds, settlement is final, and the rails operate around the clock every day of the year. For time-sensitive vendor payments, emergency disbursements, and counterparties who pla
Virtual Card Payment Controls
Introduction: The Payment Method Marketed as a Control Virtual cards occupy an unusual position in the payment risk landscape. Every other payment method covered in this series — ACH, checks, wire transfers and real-time payments — is evaluated by finance and risk professionals primarily in terms of the fraud exposure it carries. Virtual cards are frequently evaluated in the opposite terms: as a control mechanism, a fraud reduction tool, a way to impose transactional discipline on disbursements
Checks: The Oldest Payment Method and Its Modern Fraud Risks
Introduction: Reports of Its Death Have Been Greatly Exaggerated Every few years, the payments industry announces that the check is finally dying. The data tells a more complicated story. Checks have declined as a share of total payment volume — that much is true. But in dollar terms, and particularly in business-to-business payment contexts, checks remain a significant component of the disbursement mix at many organizations. The Association for Financial Professionals' 2024 Payments Fraud and
ACH Payments: How They Work, How They're Exploited, and How to Defend Them
Introduction: The Rail That Moves American Commerce The Automated Clearing House network is the circulatory system of American business payments. In 2024, the ACH network processed more than 31 billion transactions totaling over $80 trillion — payroll, vendor payments, tax disbursements, insurance premiums, mortgage payments, and thousands of other recurring and one-time payment types. For most organizations, ACH is the primary mechanism by which vendor payments are made (and payroll is deliver