How secure are business payments?
With the advance of online payment systems, billing and paying online has become a lot easier for businesses. And – surprise, surprise – hacking into accounts and stealing funds has also become easier for fraudsters. In fact, according to a recent report by Research and Markets, “global losses from online payment fraud, covering E-Commerce, digital travel, and online banking transactions, could double between 2018 and 2023.”
We at Veem take security very seriously. Unlike various banks and other payment systems, we don’t just throw around acronyms like ACH, SWIFT, or BIC to confuse and sway our clients into a false sense of security. Instead, we explain our processes in terms everybody can understand.
Check out what we’re doing to keep your business payments as secure as possible.
Besides fraud, human error is the second biggest threat to business payments. Bank account numbers are long, especially if you’re sending money abroad and have to use a bunch of unfamiliar BIC codes and whatnot. Just a single typo can derail your payment and send it to the wrong account. And then you can spend countless hours worrying while trying to recover your funds.
And what if the person who accidentally received your transfer is a criminal? Since funding criminal activity is a serious offense, getting your money back would be the least of your concerns in that case.
Luckily, Veem provides the perfect solution to the problem of human error. Before you send a payment to a new business partner, we verify the recipient. We check their account number and reach out to them, making sure you’re not accidentally sending money to an illegitimate business.
This rigorous verification ensures the security of your business payments, but it also creates something entirely new in the world of financial transactions: a community. Our relationship-based payments model creates thousands of connections between businesses all over the globe. The benefits of the network ripple into your business, bringing you new business partners, opportunities, and enhanced security.
Find out why relationships are the future of payments. Download White Paper
Risk analysis and prevention
Payments are a risky business. Besides sending money to the wrong account, you can encounter several other risks that could harm your business, starting with an unstable cash flow and disputes over payments. What if your business partner doesn’t have enough cash to pay your invoice? What if you run out of cash and can’t pay your overhead costs?
Need payments now? Find out how Veem can help with Paid Now. Learn More
The bottom line is, financial risks pose a great threat to businesses. Which is why Veem conducts careful risk analysis and prevention. To ensure our clients’ safety, we look at transactions and monitor them for:
- Criminal activity
- Money laundering
And more. Our payment solution minimizes our clients’ exposure to financial and legal risks.
Many payment systems think their job is done once they’ve sent your money on its way. Well, not us. We believe you have a right to know where your money is and when it will arrive, which is why we offer real-time tracking. Just like that package or Uber you ordered, you’ll be able to track your payments from sent to received.
While it certainly gives you peace of mind, real-time tracking is also a very useful security measure. Just think of it: you know exactly where your payment is at any given moment. This means that hackers have simply no way to get at your money without instant detection.
And, an additional advantage of real-time tracking is strengthened business relationships. Should your business partners wonder when their payment arrives, you can tell them the answer with confidence. Way to nip potential disputes in the bud.
The bottom line: real-time tracking is a big advantage for your business payments.
24/7 customer service
In addition to dedicated 24/7 support to clients, our customer service provides a major layer of security for business payments. If you have a question, concern, or issue you can’t solve by yourself, you can always turn to your personal account manager or anybody else at our customer service team.
In this age of automation and chatbots, turning to a real human being with your problems is reassuring. Instead of unhelpful automated answers, you’ll get real help from a person who knows your business and is ready to assist you 24/7. How’s that for security?
Secure payments powered by blockchain
Blockchain is one of the most secure technologies known today. Initially developed to enable cryptocurrency transactions, blockchain is a digital ledger that keeps records of various transactions. These can be anything: quality assurance processes, payroll and billing solutions, or even drafting a contract. For Veem, these transactions are obviously business payments.
Each payment creates a new block on the chain. Since the whole chain is encrypted, and the ledger distributed and accessible to all parties, blockchain can provide unparalelled security for your business payments.
Why? Distributing records make it almost impossible for hackers to access the data stored on the blockchain. If a person with malicious intent wants to alter any data on the blockchain, they have to alter the information in not one, but every single encrypted copy of that particular block on the chain.
Distribution makes this very, very hard, if not impossible. The distributed copies regularly synchronize their data, allowing for the prompt discovery of an attempted hack.
The bottom line: nobody can tamper with payments secured by blockchain.
While convenient, online payments open various security concerns for consumers and businesses alike. If you want your fast, easy, and affordable payments to be paired with top-notch security, sign up for a Veem account.
Simplify your business payments with Veem.