Verifying duplicate payments can be very eye-opening. Duplicate payments can wreak havoc on your organization’s finances whether its due to:
- Different departments handling the same transactions
- Vendors that appear in the system multiple times
- Simply receiving multiple invoices for the same things and paying them twice
Verifying duplicate payments is essential for any business handling a lot of transactions per month. Hiring a third party to help review your payments can consolidate several manual tasks while properly categorizing siloed data to increase your overall visibility.
In addition, you can expect several financial benefits when you’re no longer making duplicate payments each month.
Below are 6 key financial benefits of verifying duplicate payments.
1. More cost savings
Card Integrity’s invoice review service sifts through 100% of your transactions in search of high-risk duplicates across accounts payable invoices or commercial card transactions.
This process of verifying duplicate payments will generate more cost savings often right away. You may see a reduction in staff costs associated with manual payment processing. Instead, staff members can focus on other important duties and shift from the role of ‘payment validator’ to overseer.
Organizations losing money through extra payments are also losing money by simply processing these unnecessary payments. Validating duplicate payments will also immediately reduce your expenses in your area.
2. Better security
We’re living in an age where technology is advancing at such a rapid rate. When it comes to protecting your confidential payment data, you can never be too secure.
Purchasing directors and card managers also have to contend with the fact that fraud and theft occurrences are always evolving as people get more creative. Taking the extra step to verify your AP and Purchasing Card (P-Card) expenses across all transactions with a third party adds a much-needed layer of security and protection.
Additionally, you’ll have peace of mind knowing that the vendor’s payment data is secure and that data leaks won’t come back to bite you in the future.
3. Avoidance of Penalties
Most times, verifying duplicate payments is due to an honest mistake or manual error. Even so, consequences can easily follow. This includes anything from compliance issues with government regulations to fines and penalties for duplicate payments.
As you can see, it doesn’t take much for an unnecessary extra payment to continue to drain money from the organization in various ways.
To avoid this type of financial loss altogether, consider employing a service that detects and reports duplicate payments so you can work on rectifying the situation right away.
4. Improved Cash Flow
Tracking duplicates and becoming more proactive with handling them is one of the best ways to instantly improve cash flow. When you start implementing a system that works for your needs, you’ll adapt to making far fewer duplicate payments overall early on.
This also contributes to quicker processing time for payments and reduces the need for short-term financing – especially if you’re looking to lower spending overall.
5. Sustainable program growth
Looking to grow your card program, but in a more sustainable way? Growing a card program can be more challenging when you don’t have a handle on issues like verifying duplicate payments or red-flag purchases that could indicate fraud.
First, it’s important to strengthen your internal controls and make sure cash flow is improving and verifying your payments more closely can help with this.
Having the right systems and real data and spending trends to analyze will help you confidently take steps to grow the card program steadily over time.
6. Increasing program confidence
There’s no doubt that P-Cards and Travel cards can save time and money, but you need confidence in your program in order to reach certain goals. If spend reports are littered with too many duplicate payments and vague transactions, or if you have a few unhappy suppliers, this can be discouraging.
Taking the time to ensure duplicate payments get verified effectively will only help you get closer to reaching goals like cost savings, more spend visibility, and better overall insights. All of this contributes to an increase in program confidence and a more successful card program overall.
Verifying duplicate payments can be easier
Verifying duplicate payments can be challenging when you don’t know where to start or aren’t seeing success with manual processes. It’s important to realize how and when technology can help.
If you’re already using P-Cards, paying invoices online, and managing the data digitally, you’re already off to a good start when it comes to being able to track things digitally and reduce human error.
Card Integrity is here to help with all your expense management and payment-tracking needs. We are an expense monitoring service that uses advanced data systems and a team of dedicated industry experts to help you monitor your spend and reduce duplicate payments and fraud.
Our flagship service, DataWISE, reviews all of your transaction data for more than 250 various spend behaviors such as non-compliant behavior and off-contract spending. Then, we supply you with a detailed report based on our findings.
With our Invoice Review service, we track all your payments and transactions across various methods to ensure no duplicate payments were made.
Because we know every company is different, we offer custom-fit services that analyze your organization’s spend based on your unique card policy along with the values and categories that you want to prioritize.
If you’re ready to start reaping some of these financial benefits that come with verifying duplicate payments, click here to talk to our team and request a free demo today.