BUILDING A PAYMENTS STRATEGY The range and sophistication of payment options continue to evolve. Payments planning as you work toward creating a payments policy can help ensure your choices align with your business goals and provide the most efficient and cost-effective option for each type of payment you make. Developing a sound payments process starts with a careful assessment of all your incoming and outgoing payments, along with the business requirements behind each one. Examine each type of payment you make in terms of security, speed, cost and convenience involved in moving those funds. Questions you will want to consider include: • When should you remit payment based on terms and discounts? • Do you have a hierarchy of preferred payment options based on transaction cost and ability to mitigate fraud? For example, your preferred payment method may be virtual cards, followed by ACH and RTP. • Do you have segregation of duties where one person enters the payment and a second person approves the payment? A payments strategy can guide you in improving the use of your working capital as you hold onto funds longer before remitting payment, send payments the most cost-effective way, mitigate fraud risks and ensure proper payment authorization. As you begin to design your own payments strategy, refer to the business payments options outlined in the previous chart. 1. Digital Auto Report 2023 Volume 1 – Understanding Customer Preferences and Implications, PWC, 2023. https://www.strategyand.pwc.com/tr/tr/pdf/digitalauto-report-2023.pdf. 2. AFP 2023 Payments Fraud and Control Survey, Association for Financial Professionals, 2023. https://www.jpmorgan.com/content/dam/jpm/ commercial-banking/insights/cybersecurity/download-payments-fraud-Surveykey-highlights-ada.pdf. 3. John Adams, Real-time payments leave little time to spot fraud, American Banker, Oct. 23, 2023. Truist Bank, Member FDIC. ©2025 Truist Financial Corporation. Truist, the Truist logo and Truist Purple are service marks of Truist Financial Corporation. Equal Housing Lender. SPACE AVAILABLE Advertise in this magazine and reach your customers anywhere in the cosmos. CONTACT US TO GET STARTED! (801) 676-9722 • (855) 747-4003 sales@thenewslinkgroup.com QR Code: website /ad-space CATA UP TO SPEED 25
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