Factoring invoices wex fleet one12/5/2023 ![]() Smaller trucking companies struggle to keep up with daily operations, including the cost of fuel, insurance, and payroll. Not all companies have the resources to implement the systems they require. Enrich buyer and supplier relationships.Gain detailed transaction data with level-3 processing.Mitigate risk and protect data with tokenization.Optimize processes and improve workflow automation.WEX is reinventing the way payments work for the company. Fortunately, the expertise that EFS/WEX has established has been successful in addressing fraud by streamlining the process and presenting more transparency, which, in turn, provides more control. Educating consumers and frequently reinforcing the importance of taking precautions … when sending money is key.”Ĭlearly the trucking industry can benefit from these insights, but companies are most likely relying on partners like EFS/WEX to ensure fleet payment security while they focus on the next delivery. ![]() Audit your call center user authentication process to make sure proper protections are in place.Ĥ. Fraudsters … often successfully use social engineering techniques to obtain information directly from unsuspecting FI employees. Review account-opening processes and online banking login controls, and utilize a two-factor authentication tool as part of a multilayered approach.ģ. Fraudsters look for ways to take over customers’ accounts, often with compromised online banking credentials, so new account origination processes and online banking access merit specific attention. Preventing unauthorized access to account information across all channels and processes is crucial. All risk events should be scored in real time, and specific mitigation actions should be deployed based on fraud use case and risk.Ģ. Take a holistic look at all risk events, such as new profile registrations or changes, account additions, and money movement transactions. 4 Best Practices to Ensure Security for Real-Time PaymentsĪ recent article on highlights an approach to fraud protection that should be considered by any business using real-time payments.ġ. to better determine relevant behavior and actions as real-time payments establish their own activity patterns. Fleet financial systems and WEX are also using A.I. Companies like IBM and most recently Citi have developed artificial intelligence and machine learning solutions allowing them to analyze behaviors for suspicious activity. The downside? A huge potential for fraud, which is why financial players have been working hard to develop robust security systems that can mitigate risk in every arena, not just the trucking industry. With electronic fleet payment and real-time solutions in place, companies can expect to streamline processes, cut costs, mitigate risk, and generate revenue. Partners like EFS/WEX can provide guidance on fleet financials, particularly where faster payments are concerned. ![]() And though financial tech may be foreign to many small to medium-sized fleets, solutions are available to help get them up to speed quickly. The trucking industry welcomes the shift and has already begun implementing systems. Michael Cummins, Head of Treasury Solutions at Citizens Cash flow predictability and payment reconciliation will also be greatly improved. ![]() There are tremendous advantages in terms of speed and certainty of payments. payment system since the 1970s, and businesses see this as a crucial opportunity to modernize their payment practices. Real-time payments are the most sweeping change to the U.S. Instant fleet payments will have a positive impact on drivers and employees while vastly improving business cash-flow and streamlining fleet financials. Instant transactions will improve the way we do business in more ways than one. payment system since Automated Clearing House (ACH) in 1974. And while research may show that paper checks still dominate in business, new research by Citizens Commercial Banking shows that 90 percent of businesses either currently deploy or expect to transition to real-time payments in the future as part of their financial strategy, suggesting that faster payments will become the industry standard – and the biggest change to the U.S. Technology has normalized efficiencies and speed in both our personal lives and our lives at work. ![]() We are relying on our phones to inform every aspect of our lives. Pew Research studies have shown that 96% of all Americans own a smart phone. Faster fleet payments are a cornerstone of current industry growth, and companies across the globe are looking to technology to enable real-time payment transactions for all areas of operations. So it makes sense that speed of payment is evolving in a way that is transforming many industries, not the least of which is the trucking industry. We are living in a world where productivity and success are based on speed of manufacturing, speed to market, and speed of distribution. ![]()
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