When paying invoices or employees, ensuring payments go to the correct account at the right time is essential. Not only can this help you maintain good relationships with staff and suppliers, but it could save your business thousands of pounds in potentially costly payment errors. According to MHR, UK businesses are losing up to £150,000 a year through payroll errors alone!
But by adopting automated payments software you can de-risk supplier and payroll pay runs, giving you confidence in the accuracy of your online payments. Here are 5 ways Telleroo helps:
Any time the sort code and/or account number of a payee is updated you’ll see a little ‘updated’ tag next to the payee. This is a good prompt to double-check the payment details if this is unexpected.
We’ll also alert you to any new payees included within a pay run with the ‘new’ tag, so you can rest assured you’re paying the right accounts.
One of the biggest causes of payment anxiety when paying new suppliers is having to manually enter bank details from invoices into your payment system. That’s why with Telleroo you can scan the sort code and account number from Xero invoices to automatically populate the payee details when creating a pay run.
As well as cutting out manual data entry in Telleroo, we’ll even sync these details with the contact in Xero so you don’t need to scan them again in the future!
2-factor authentication is mandatory on all Telleroo accounts, so even if someone guesses your password your account is protected thanks to this additional layer of security.
When you sign up for Telleroo you’ll be prompted to download the Google Authenticator App from the App Store or Google Play. This produces a 6-digit code that changes every 10 seconds. You’ll be asked for this code every time you log in or approve pay runs in Telleroo.
You might know that in Telleroo you have the ability to designate creator and approver roles in your accounts payable workflow. You can even assign multiple layers of approval for additional control over your payment process. This helps to increase transparency, reduce errors and help combat internal fraud, but did you know that this can also help speed up your payment process?
By enabling junior team members to set up pay runs and send them to a more senior team member to review and approve, you can democratise the payment process and stop the CEO bottleneck.
When you make a payment, Telleroo will run a Confirmation of Payee check to validate whether that the name on the recipient bank account is a full, partial or no match to the payee name. This is an essential safety mechanism giving you greater peace of mind that payments are going to the correct account.
Our compliance team monitors all transactions through Telleroo for suspicious behaviour that might indicate money laundering or other financial crimes. Any suspicious transactions will be manually reviewed by our team and we may reach out to you for clarification before releasing payments.
Here are 3 things you can do to help keep your business safe when making payments:
If you receive an email from an employee or supplier asking to update their bank details, always use a separate channel (such as Whatsapp or Slack) to confirm these changes. This is also good practice when receiving communications from a different email address than you’re used to dealing with.
A common tactic used by scam artists is to play on urgency to get you to take action quickly. You may be asked to take action in the next hour or by the end of the day, this limits the time you can spend checking details and can mean you’re more likely to fall victim. Always take the time to verify details of any urgent payments you are asked to make. And as a good rule of thumb, if in doubt, don't pay!
The more manual data entry in your process, the more chance of a mistyped digit. This could be in the sort code, account number or even just adding an extra 0 to the amount. Use automated payment software such as Telleroo to reduce manual data entry and ensure you’re sending the right amount to the right account.
Sign up to Telleroo today to make more secure online payments for your business.
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