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Choosing to accept paymentmethods outside the preferences of your customers could mean losing business to competitors and getting it right will mean happy customers, increased revenues, and more sales opportunities. ACH payments are also reversible, while wire transfers cant be reversed once completed.
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Simpson also underscored what entities like PSR have done to help both FIs and consumers better manage the fraud threatsuch as advancing solutions like Confirmation of Payee and the Contingent Reimbursement Model (CRM) Code, which require banks to reimburse customers who are fooled into making fraudulent payments.
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