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Guide to Vendor Account Reconciliation Process

Nanonets

Fraud Detection and Prevention: Through vendor reconciliation, businesses can detect discrepancies that may indicate fraudulent activities such as overbilling, duplicate invoices, or fictitious vendors. All line items must be reviewed for errors in vendor names, invoice numbers, payment amounts, and terms.

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How False-Positives Complicate The B2B Payments Fraud Fight

PYMNTS

Among the largest threats in this area is redirect payment fraud, in which a bad actor infiltrates company emails or systems to change bank account details, payment amounts, and other key information to redirect B2B payments to a different account for personal gain.

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Payments Automation: Everything You Need to Know

Payment Savvy

Payment automation solutions typically work in the following way: Invoices are received electronically, either through email or an electronic invoice portal. The payment automation system scans the invoice and extracts relevant data, such as payment amount and due date.

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How to Optimize Your Invoicing and Billing Processes

EBizCharge

Invoicing is the process of sending specific documentation to customers that typically includes a detailed account of goods or services rendered, payment terms, and an exact payment amount owed.

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What is Netting? Definition, How It Works & Benefits

Nanonets

By definition, netting is the act of combining multiple financial obligations between two or more parties and paying a net payment amount. In this netting process, all the debts between both entities are netted, creating a single payment amount for one business to pay the other. ” you’re not alone.

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ACH Reversals vs. ACH Returns: What’s the Difference?

EBizCharge

6 common causes of ACH reversals When initiating an ACH transaction, one should thoroughly review the ACH payment information to avoid the headaches and additional fees associated with reversed ACH transactions. This can be due to duplicate payments, incorrect amounts or recipients, payment date errors, technical errors, etc.

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ACH Payment vs Wire Transfer Similarities and Differences: How to Choose Between ACH vs Wire

Stax

This includes real estate down payments and Mergers & Acquisition (M&A) transactions. Reversibility ACH payments can often be reversed within a certain timeframe. You can stop, cancel, or reverse incorrect payment amounts or duplicate payments within the same business day.