Spoiler alert: the scourge of business payments fraud is not going away. The challenges facing organizations with maintaining and securing their vendor master data were already daunting in a pre-Covid world, never mind now that the way people work has been radically reimagined. 

Against this backdrop, we were thrilled to host a panel discussion, "Payments Fraud and Your Vendor Master: Uncovering Hidden Risks," where we brought together Clay Deutsch, a former bank CEO, Rob Unger from Nacha and Thayer Stewart, our CEO, to provide their divergent perspectives on the problem of business payments fraud, and what organizations should be doing to combat it.

Mistakes are going to happen in any business, at least any business that involves humans. There really isn’t any way around that. 

While it would be wonderful to eliminate the scourge of mistakes completely, that just isn't realistic. The goal, instead, should be to minimize exposure to risks while decreasing the high costs that come with onboarding and maintaining your vendor master. And make no mistake, the costs are indeed high. Benchmarking among our customer base indicates it costs $100-200 to onboard and maintain each of your vendors, each and every year you keep them on your vendor master!  

We have five ways your vendor master is costing you money, along with some practical advice on how to keep those costs down.