How High Value Payment Monitoring Can Protect Your Business?

    Organisations undertake several types of payments during the course of their business. Whatever the value of the payment, it is important to keep an eye on them. High-value payments should be monitored if any business hopes to achieve success. However, the question is – what is a high-value transaction, and how can high-value payment monitoring protect your business?

    What is a High-Value Transaction?

    A high-value transaction can be classified as any transaction with a significantly higher value than average. It means that for some businesses, this could be an amount of $5,000 and above, and for some others, it could be $500,000 or more. It means that the term high value is relative and not fixed. There are several ways to determine what constitutes a high-value transaction for your business. One common method is to use the median of all transactions as a baseline indicator and treat every amount larger than this number as a high value. Alternatively, you can use the 75th percentile of every transaction recorded in your system to indicate what amounts to a high-value payment.

    High-value transactions can be:

    • High-risk transactions with a higher-than-average risk of fraud
    • Large cash transactions with a huge chunk of cash payments
    • Transactions with significant financial impact where a high-value payment is made to an account that has been blocked due to suspicious activity

    Ways to monitor High-value transactions

    There are several ways to monitor high-value transactions. You can

    • Hire a service provider
    • Use your bank’s internet banking and mobile banking apps to monitor your accounts

    Why should you Monitor High-Value Payments?

    Every high-value transaction carries a higher risk of fraud. The aftermath of the failure to identify fraud is many and highly damaging. It is important to ensure that all the high-value payments you make to another party go to the right account. This is where payment monitoring can help. It is necessary to stay on top of the high-value transactions and to ensure everything is smoothly run.

    Some other benefits of high-value payment monitoring are:

    • It protects your business from fraud
    • Helps you identify inconsistencies in your company’s financial records
    • Notifies of any suspicious transactions as they occur
    • Ensure payments are made to the right accounts
    • Improves cash flow and prevents financial losses

    How to Monitor High-Value Payments?

    The best method for high-value payment monitoring within your business is to use a custom-designed, automated set of tools made specifically for monitoring. With the help of high-value payment software, you will achieve a seamless payment experience for customers and stakeholders alike. In the meantime, it also helps to:

    • Streamline your operations
    • Reduce delivery costs
    • Access real-time transaction data
    • Receive automated alerts of any suspicious transaction

    In short, a high-value payment monitoring system is the best way to take control of your transactions and maintain a secure, trustworthy business. Monitoring high-value payments not only protects the business from fraudulent activities but also helps to avoid financial losses. Real-time payment monitoring and control are easy with the right software. Hence, it is important to set up a high-value payment monitoring system for your business.

    Recent Articles

    Related Stories

    Leave A Reply

    Please enter your comment!
    Please enter your name here

    Stay on op - Ge the daily news in your inbox