MineralTree and Secure Payments Automation
webadmin 4 Dec 2014PayStream has been keeping an eye on a particular technology company that is going beyond simply streamlining AP—they’re also focused on securing it. MineralTree, a provider of AP and payments processing software, creates and strengthens the connection between important back-office processes with security and safety. Here at PayStream, we often recognize innovative solutions that stand out in the financial software space, but we also see the value and innovation of companies that work to improve more fundamental aspects of business, like security.
MineralTree’s AP Automation solution automates the four phases of invoice and payment processing with bi-directional integration with users’ ERP/Accounting application—all while processing check and electronic payments directly to their customers’ banks. In order to accomplish their holistic approach, they by necessity have to focus on connection, but also safety and security.
As businesses grow and expand their operations across markets and across countries, protecting information and assets becomes more and more essential. While technology has played a major part in widening business horizons and possibilities, it has also opened the door to new opportunities for security breach. According to MineralTree, cybercriminals love targeting small to medium businesses—with more money in their bank accounts than individual consumers, they also often lack the sophisticated technology and vigilant processes of larger organizations. What’s more, protections against theft are lighter than those that protect consumers’ online banking, and often times stolen funds can simply not be recovered.
MineralTree encourages SME owners to devote time to protecting their assets rather than just growing them. Recognizing the risk of online fraud is the first step towards a safer future, and the next step is considering the use of fraud protection software in conjunction with existing processes. In other words, companies shouldn’t look at security solutions as add-ons to their back-office procedures—whether those are manual or automated—but as holistically incorporated, essential components.
MineralTree’s Secure Business Pay solution protects against online account takeover and other fraud, and is intimately integrated with their Accounts Payable software. Among other features, they provide two-step, out-of-band account authentication, and their SilverGuard payment fraud protection plan offers fraud loss protection up to $100,000.
While MineralTree has other impressive material to offer to the world of AP and payments automation, we recognize their stand for improving the foundation of their software with security, and for honoring and protecting their customers.
