Comparing Solutions: Hyphen Wallet vs. Legacy Payment Options
In a perfect world, banking institutions and other industries would quickly adapt to and incorporate the most recent technological advances. Doing so would move their businesses forward and bring exponential value to the table. But in our imperfect world, too many legacy systems built in the 1970s–1980s still operate with billions of dollars on a daily basis, despite being incapable of quickly handling rapidly growing data exchanges and transactions. These systems are outdated, inefficient and make users vulnerable to fraudulent activity1. While digital transformation involves a front-end cost, investing in a real-time payment management system like Hyphen Wallet yields tremendous dividends, from day one and on a long-term basis.
Comparing Hyphen Wallet To Legacy Bank Transfers
Hyphen Wallet offers a real-time payment system with data and messaging capabilities, while also providing the ability to track past and present expenses. Unlike legacy payment systems, Hyphen Wallet integrates better with growing account-based payments of the global supply chain. Hyphen Wallet is easy to incorporate with current business processes and is user friendly, making it a win-win for Builders and Suppliers alike. Additional Hyphen Wallet features that will move your business forward for an improved bottom line:
- Eliminates frustrating and time-intensive manual paper check writing
- Reduces the costs of issuing and processing checks
- Eliminates mail delays and lost checks
- Streamlines bank reconciliation process
- Provides safer option since bank information isn’t stored
- Provides enhanced security
- Enables identifying fraudulent charges faster
The Problems with Legacy Bank Transfers
One of the biggest problems with legacy bank transfers is their high susceptibility to payment scams, fraud and security risks. According to the recent Association for Financial Professionals Payments Fraud and Control Survey, paper checks were one of the top payment methods impacted by fraudulent activity (66%) in 20212. And according to the U.S. Postal Inspection Service and industry groups, old-fashioned “check washing” is becoming more common. This involves thieves stealing checks from mailboxes, removing the amount and payee information, significantly changing the amount and depositing the checks. Too often, the issuing bank doesn’t catch the problem3. The potential for fraudulent activity requires vigilance on the part of accounting department employees to regularly check finances and prevent unauthorized payments from processing. Additional problems include:
- Longer wait times for settlement and information
- Managing multiple spreadsheets/disparate systems
- Printing current and past bank statements
- Verifying invoice data by tracking down documents in the back-office
- Incurring rising costs of checks, postage and labor
Expand Payment Options With Hyphen Wallet
Hyphen Wallet not only provides a safe, real-time method to manage payments — this payment management software improves the billing, invoicing and payment process between Builders and Suppliers. Hyphen Wallet makes it simple for Builders to check records, track past and present expenses and identify fraudulent charges much faster. Hyphen Wallet provides instant, 24/7 electronic fund transfers that can be initiated online, via smartphones and tablets. By offering real-time payments, Hyphen Wallet provides enhanced visibility into payments, enables better cash management and helps Builders and Suppliers streamline and improve accounting tasks and day-to-day operations. Sticking with current legacy construction invoice and payment systems can prevent potential business growth and subject you to fraud. If you don’t want to be left behind your competitors, schedule a Hyphen Wallet demo or sign up today!
1Source: https://www.achieveinternet.com/post/legacy-banking-systems
3Source: https://www.inquirer.com/business/check-washing-fraud-bank-wsfs-protect-tips-20220618.html
