Bad news: 71% of the 550 organizations surveyed experienced fraud. According to the survey, checks and automated clearinghouse (ACH) debits were the payment methods most impacted by fraud in 2021, with 66% of those surveyed saying they’d experienced check fraud and 37% saying they’d experienced ACH fraud.

Businesses are fighting a losing battle against payment fraud. That’s especially true in industries where checks are still the predominant way to pay vendors, such as the auto dealership industry.

At this point, there’s no reason to keep writing checks, except that’s how business people have made payments for decades. During COVID, when doing check runs became more inefficient than ever, even large dealership groups clung to that process.

To continue reading the rest of the article, please click on the source link below:

https://www.wardsauto.com/dealers/enlisting-automation-fight-against-payment-fraud