An Electronic Payment Primer: How Savvy Companies Now Pay Their Bills (Course Id 2085)

Accounting - Accounting for Course Id 2085

Electronic payments are fast becoming the preferred method of payment for best-practice companies. The COVID crisis shined a light onto the inefficiencies of making paper payments. While many professionals were well aware that paper checks were expensive and used valuable human resources, this detail was often swept under the rug. With an increasingly remote workforce, feigning ignorance no longer works. Ss organizations recognize the cost-savings and efficiencies associated with ACH payment programs, they are starting to change. This will only continue with the introduction of Real Time payments.  This course presents basic information the professional can use to properly set up and grow and ACH payment program, understand when to use more costly wire transfers and how to use Instant Payments.  Industry expert Mary Schaeffer shows auditors, controllers, and managers exactly how to do this. She also alerts readers to the growing threat of fraud in this arena, offering advice for everyone – whether or not they are currently making electronic payments. “Everyone who does not take the proper precautions is at risk,” she warns. 

NASBA QAS - Text - Technical - NASBA Registry - 2085

Course Learning Objectives

• Identify the reasons why paying electronically benefits an organization
• Pinpoint issues to be considered when setting up an electronic payment program
• Create a basic ACH payment program for an organization
• Build an effective strategy for converting suppliers to the program
• Identify effective strategies to grow your ACH payment program
• Develop an effective strategy for converting suppliers to the program
• Understand the different types of payment fraud currently being perpetrated
• Develop an effective strategy to combat electronic payment fraud
• Develop a Best Practice ACH payment initiative
• Avoid worst practices as well as hidden pitfalls when setting up an ACH payment program
• Develop solutions to deliver remittance data to suppliers Understand how Instant Payments Work
• Develop a best practice approach to using wire transfers
• Identify instances where ACH payments can be used in place of costly wire transfers
• Understand the new Instant Payment offering from the Federal Reserve Banks, FedNow
• Develop a fraud protection plan to prevent criminals from defrauding you using your Zelle account

Chapter 1
How ACH Payments Work

• Identify the reasons why paying electronically benefits an organization
• Pinpoint issues to be considered when setting up an electronic payment program

Chapter 2
How to Start an ACH Payment Program

• Create a basic ACH payment program for an organization
• Build an effective strategy for converting suppliers to the program

Chapter 3
How to Expand an ACH Payment Program

• Identify effective strategies to grow your ACH payment program
• Develop an effective strategy for converting suppliers to the program

Chapter 4
How to Protect Your Organization against ACH Fraud

• Understand the different types of payment fraud currently being perpetrated
• Develop an effective strategy to combat electronic payment fraud

Chapter 5
ACH Best Practices, �Gottchas� and Worst Practices

• Develop a Best Practice ACH payment initiative
• Avoid worst practices as well as hidden pitfalls when setting up an ACH payment program

Chapter 6
The Remittance Advice

• Develop solutions to deliver remittance data to suppliers
• Understand the work done by the Federal Reserve and the Business Payment Coalition to address the remittance issue

Chapter 7
Wire Transfers

• Develop a best practice approach to using wire transfers
• Integrate fraud detection techniques into everyday procedures for making payments
• Identify instances where ACH payments can be used in place of costly wire transfers

Chapter 8
Real Time Payments (Instant Payments)

• Understand how Instant Payments Work
• Develop a fraud protection plan to prevent criminals from defrauding you using your Zelle account

Chapter 1: How ACH Payments Work

Review Questions

Chapter 2: How to Start an ACH Payment Program

Review Questions

Chapter 3: How to Expand an ACH Payment Program

Review Questions

Chapter 4: How to Protect Your Organization against ACH Fraud

Review Questions

Chapter 5: ACH Best Practices, �Gottchas� and Worst Practices

Review Questions

Chapter 6: The Remittance Advice

Review Questions

Chapter 7: Wire Transfers

Review Questions

Chapter 8: Real Time Payments (Instant Payments)

Review Questions

Glossary