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Capitalizing on electronic payments

Feb 04, 2013 Dave King

Electronic payments have become the preferred transaction method of an increasing number of consumers and businesses in recent years. As this practice improves the convenience, efficiency and cost-effectiveness of payment processing, businesses have a variety of potential benefits to enjoy after launching a successful electronic transaction strategy. 

Security needs to be the highest priority when offering electronic payment processing, and all businesses that participate in such activities should ensure compliance with consumer data protection laws such as PCI-DSS. Once executives have become well-versed in the laws and best practices associated with secure electronic payments, they can begin to formulate strategies that give them a competitive advantage in their industry.

Electronic payment guidance
Healthcare IT News recently suggested a variety of ways in which organizations can capitalize on electronic payments without taking on the risks associated with the technology. Many experts cite the transition process as the most difficult to overcome, but this can be made easy with the right amount of assessments and planning on behalf of executives.

According to the news provider, organizations should always ensure payment processing strategies are in line with the law by incorporating fraud prevention software into the policies. Criminals looking to steal funds from individuals often target the simplest, most convenient strategies, as users are less likely to pay attention in these situations. 

The source explained that firms can offer a variety of payment methods to ensure convenience among customers, while the overall strategy should be aligned with risk redistribution. Maintaining cohesion between all payment strategies, including accounts payable and receivable, will lead to the most efficient and secure process.

Finally, Healthcare IT News suggested organizations use the most advanced payment technologies to gain a competitive advantage over other firms in their industries, as electronic payments continue to become more widespread. Promotion of electronic payment methods is key and will help ensure all potential clients know about the offerings.

Defense is key
There are no signs of the electronic payments trend slowing any time soon, and businesses need to either adapt to the evolving market landscape or risk falling behind the competition. ACH cards and other automated payment transfers can be incredibly useful for businesses of all kinds, so long as the strategy is formulated meticulously and regularly assessed for security.

Security software and thorough checks of all accounts payable and receivable activity are among the best methods of ensuring protected data in electronic payments strategies.