Safety in the Construction Office: Avoid payments fraud with a virtual credit card.
As your construction company builds our country’s infrastructure, communities and economy, you take every precaution to ensure jobsite safety. But what about threats inside your company? Risks like financial fraud await you there, too.
In fact, fraud is fairly common within the construction industry. That’s because it involves large financial volumes, many entities and moving parts. At Commerce Bank, we work with construction companies to help mitigate fraud by building a better payment program with our CommercePayments® AP Card.
The CommercePayments® AP Card works with your existing accounting system to make automated payments and/or single purchases. These virtual credit cards backed by Visa® are considered a more secure payment method than check or ACH. With the CommercePayments® AP Card, your company can address three common construction fraud issues, by:
Performing Due Diligence/Setting Up Vendors: It’s important to align with companies that won’t increase your risks. Once your vendor meets your pre-qualifications, the CommercePayments® enrollment team handles setting them up with the payment option of their choice through a multi-step verification process including their banking and security data. The CommercePayments® database contains over 4,000 vendors who we’ve worked with and know automatically accept electronic payments. Our vendor enrollment is ongoing throughout the life of the program.
Reducing Check/Payment Tampering: The CommercePayments® AP Card replaces paper checks, which reduces the opportunities for employees to manipulate checks or the AP process. The permissions-based virtual card can limit functions like making and approving payments, as well as access to sensitive bank account information.
Increasing Control and Transparency: The automation provided by the CommercePayments® AP Card gives real-time payment insights and the ability to run detailed reports for your AP activities. The virtual card also helps minimize float time.
Safety isn’t just a concern in construction, it’s a concern for us too. Our team is ready to build a better payment program with you through the CommercePayments® AP Card.
We can provide a free, no obligation vendor analysis to show you what a CommercePayments® virtual card program could mean for your organization – or learn more about how we support the construction industry.