Key Benefits of
Frontdoor Payments
Fraud Increasing And
Rare To Recover
Reported to the FBI as lost due B2B payment fraud in 2023, with total estimate over $16B
And fraud continues to grow exponentially:
- Check Fraud attempts were up 161% YOY in 2023
- ACH Fraud attempts were up 67% YOY in 2023
Improving the Process
Without Tradeoffs
1
Eliminates Risk
2
Fair Pricing
3
Suppliers Love It
4
100% Digital
Each Payment Type
Has Pros And Cons
Challenge is how to maximize positives of each method, minimize negatives, and integrate into workflow.
Checks
Tried and true, extremely inefficient, high fraud
ACH
Seemingly cheap, digital, quick, but laborious to collect data, difficult to validate and securely store data, exceptionally high fraud
Virtual Card
Most secure, rebates for payor, adds huge costs to exchange (most taken by credit card company), hard to manually manage, not 100% acceptance
