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New Payment World: A Manager's Guide to Creating an Efficient Payment Process

✍ Scribed by Mary S. Schaeffer


Publisher
Wiley
Year
2007
Tongue
English
Leaves
210
Category
Library

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✦ Synopsis


Praise for New Payment World A Manager's Guide to Creating an Efficient Payment Process ''This book is ...for every accounts payable manager as well as for those above them in the chain of command ...I found New Payment World to be very thought-provoking. I believe that it can help you to evaluate what you are doing right or wrong, and help you to determine where changes might benefit your organization.'' -Marie J. Misterka, Vice President, BNP Paribas ''Mary Schaeffer has written the definitive work on the whole range of corporate payment processes. From the challenges presented when managing check payments through the how to's for setting up e-payments, Mary addresses each of their benefits and their potential pitfalls. This is a must-read book for every accounts payable professional.'' -Bob Rayca, Vice President, InterplX Technologies ''Mary Schaeffer has done an outstanding job of putting together a concise, comprehensive, and well-organized guide to getting a handle on and planning for the future of the payment function. She identifies the problems, investigates and provides an in-depth analysis of the tools available, and makes recommendations on what to do to create an efficient and effective payment process.'' -Kevin M. Moonan, COO and Managing Partner, Pinpoint Profit Recovery Services, Inc. The payment process for your organization may not be very different today than it was five or ten years ago. But here's a guarantee: it will be enormously different-and much more cost-effective-five or ten years from now. Don't get left behind- New Payment World: A Manager's Guide to Creating an Efficient Payment Process can get your organization up to speed to be part of the payment revolution that has already started.

✦ Table of Contents


NEW PAYMENT WORLD......Page 6
CONTENTS......Page 9
PREFACE......Page 15
PART ONE: PAYMENT OVERVIEW......Page 19
CHAPTER 1: PAYMENT ARENA YESTERDAY, TODAY, AND TOMORROW......Page 21
PAYMENT WORLD YESTERDAY......Page 22
PAYMENT WORLD TODAY......Page 23
PAYMENT WORLD TOMORROW......Page 28
AN EMERGING ISSUE: PAYMENT CONTROL......Page 29
FLOAT......Page 31
EARLY PAYMENT DISCOUNTS......Page 32
PAYMENT TERMS: THEIRS, OURS, AND REALITY......Page 33
SUPPLIER DEMANDS REGARDING PAYMENT TOOLS......Page 34
DUPLICATE PAYMENTS......Page 35
SARBANES-OXLEY AND INTERNAL CONTROLS......Page 36
CHECK 21 AND ITS IMPACT......Page 37
CHANGES IN UCC......Page 38
IMPACT OF CHECK AND EMPLOYEE FRAUD......Page 39
DIFFERENCES BETWEEN DOMESTIC AND INTERNATIONAL EXCHANGES......Page 41
INTERNATIONAL WIRES......Page 42
CURRENCY ISSUES......Page 43
LETTERS OF CREDIT......Page 44
ISP98......Page 47
TYPES OF LETTERS OF CREDIT......Page 48
VAT......Page 53
PART TWO: PAYMENT TOOLS......Page 55
CHECK PROBLEMS......Page 57
IDEAL (BEST PRACTICE) CHECK ISSUANCE SCENARIO......Page 58
CHECK STORAGE......Page 60
CHECK STOCK......Page 61
WHY RETURNING CHECKS CAN BE A PROBLEM......Page 62
A WORD ABOUT BANK STATEMENT RECONCILIATION......Page 63
REALLY BAD CHECK PRACTICES......Page 64
CHAPTER 5: TRADITIONAL ELECTRONIC METHODOLOGY: WIRE TRANSFERS AND FINANCIAL EDI......Page 67
WIRE TRANSFERS......Page 68
FINANCIAL EDI......Page 72
BACKGROUND......Page 77
HOW THE P-CARD PROCESS SHOULD WORK......Page 78
INDIVIDUAL LIMITS......Page 79
PALMER P-CARD 2005 SURVEY: HIGHLIGHTS......Page 80
COMMON P-CARD PITFALLS......Page 82
P-CARD DATA......Page 85
FRAUD PREVENTION......Page 86
FUEL CARDS......Page 91
T&E CARDS......Page 92
ONE CARDS......Page 94
PUSHING THE P-CARD ENVELOPE: VARIANTS ON THE BASIC CARD......Page 96
AUTOMATED CLEARING HOUSE NETWORK......Page 97
ACH PAYMENT GROWTH......Page 98
TYPES OF ACH PAYMENTS......Page 99
ISSUES TO CONSIDER......Page 100
BEST PRACTICES TO AVOID ACH PAYMENT CONVERSION NIGHTMARES......Page 101
USE ACH PAYMENTS TO SOLVE THE RUSH CHECK PROBLEM......Page 105
CHAPTER 9: OTHER PAYMENT INITIATIVES......Page 107
OTHER FEATURES OF INTEGRATED PAYMENT PRODUCTS......Page 108
E-PAYABLES......Page 110
PROCURE-TO-PAY SOLUTIONS......Page 111
OTHER SMALL-DOLLAR PAYMENTS......Page 112
PETTY CASH BOX......Page 114
PART THREE: INITIATIVES TO MAKE PAYMENT OPERATION MORE EFFICIENT......Page 117
PLANNING STAGE......Page 119
FINDING A GOOD SERVICE PROVIDER......Page 120
PILOT PROGRAM......Page 121
EVALUATING THE PROGRAM......Page 122
AUDITING THE PROGRAM......Page 123
ENSURING USAGE......Page 124
KEYS TO SUCCESS......Page 125
POTENTIAL PROBLEMS......Page 126
INFORMATION TO GROW YOUR PROGRAM......Page 129
AICPA P-CARD SURVEY......Page 130
TIPS......Page 132
SHARE THE WEALTH......Page 135
CAVEAT......Page 136
CHAPTER 12: STARTING AN E-PAYMENT PROGRAM......Page 137
HOW PROGRAMS GET STARTED......Page 138
THE FIRST STEP......Page 139
THIRD-PARTY PARTICIPATION......Page 141
BEFORE ROLLING OUT TO YOUR ENTIRE LIST......Page 142
VENDOR PARTICIPATION......Page 143
TRAIN, TRAIN, TRAIN......Page 144
DON’T OVERLOOK METRICS......Page 145
VENDOR SATISFACTION SURVEY......Page 146
MARKET STATUS......Page 147
TECHNIQUES TO GROW YOUR E-PAYMENT PROGRAM......Page 148
PRICING DISCOUNTS......Page 152
UNIVERSAL PAYMENT IDENTIFICATION CODE......Page 153
CHAPTER 14: INTEGRATED PAYMENT PROGRAM......Page 157
SAMPLE PROGRAM......Page 158
GETTING STARTED......Page 159
ESTABLISHING THE PLAN......Page 160
OTHER FACTORS TO CONSIDER......Page 161
STATEMENTS......Page 162
ASSUMED RECEIPT/NEGATIVE ASSURANCE......Page 163
HOW ORGANIZATIONS PREVENT DUPLICATE PAYMENTS......Page 164
MULTIPLE MECHANISMS AND DUPLICATE PAYMENTS......Page 167
P-CARDS......Page 169
OTHER COMMONLY OUTSOURCED ACCOUNTS PAYABLE FUNCTIONS......Page 170
INTERNAL CONTROLS OF THE OUTSOURCER......Page 171
USING THE REPORTS......Page 173
BETA SITES......Page 174
CONVERGENCE FACTOR......Page 175
OUTSOURCING VERSUS AUTOMATION......Page 176
IMPLICATIONS......Page 177
HISTORY......Page 181
THE LAW......Page 182
IMPACT......Page 183
BEST POSITIVE PAY PRACTICE......Page 184
POSITIVE PAY AND ITS COUSINS......Page 185
YOUR CHECKS......Page 187
OTHER CHECK SAFETY ISSUES......Page 188
RECONCILIATION......Page 189
SEGREGATION OF DUTIES......Page 190
MASTER VENDOR FILE AND CHECK FRAUD......Page 191
CHAPTER 17: ACH FRAUD: PREVENTION TOOLS AND TECHNIQUES......Page 193
ACH FILTERS......Page 194
ACH POSITIVE PAY......Page 195
WHO’S OFFERING WHAT TODAY......Page 196
DEMAND DRAFT FRAUD......Page 198
SELECTING THE BEST TOOL......Page 201
CREDITS......Page 203
MAKING YOUR PAYMENT PROCESS MOST EFFICIENT......Page 204
WHERE TO GET MORE INFORMATION......Page 205
INDEX......Page 209


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