With a steadfast commitment to maintaining the integrity and confidentiality of every transaction, R365 Payments is your trusted ally in ensuring a reliable and secure method for managing and processing payments.
As a service designed to facilitate seamless transactions between restaurants and vendors, R365 Payments prioritizes the protection of sensitive financial data with utmost diligence. By masking bank account information and leveraging strict verification protocols, R365 ensures that each payment processed through our platform is shielded against potential threats or breaches. Keep reading to learn more about how R365 defends your organization from potential threats.
Important Note: This process applies to users who gained access to the R365 Payments Service on or after May 15th, 2024.
Article Topics
- Masking Bank Information
- Positive Pay
- Stop Payments
- Verification of Vendor Remittance Information
- Legal Disclaimer
Masking Bank Information
Because payments are processed through an R365 bank account, the vendor never sees your organization's account numbers, routing numbers, or even the name of the bank.
By using R365 as an intermediary, you ensure that data related to your organization's finances remains strictly hidden. This reduces the risk of exposure if the check is lost or intercepted in the mail and prevents fraud in cases where the check might be copied or forged.
Positive Pay
When issuing checks, R365 always uses Positive Pay to protect against unauthorized or altered checks. Here's how it works:
- When a payment run is created and approved, R365 creates the payments and sends a list of issued checks to the bank electronically.
- When a vendor deposits a check, the bank compares it against the list of issued checks. If the presented check matches a check on the list, it is processed as usual.
- If a check is presented that does not match the information on the list (such as a different check number or altered amount), the bank rejects the attempt to deposit the check.
Positive Pay protects payments by providing an additional layer of verification and control over outgoing checks. By flagging potentially fraudulent or altered checks before they are processed, R365 Payments protects your organization from financial loss due to unauthorized transactions.
Stop Payments
If a check or vCard payment was scheduled in error, contact R365 Support to stop the payment before it is processed. Support will freeze the payment and ensure that no funds are pulled from the account.
It is best to contact Support as soon as possible to prevent the payment from going through. For fastest response, give us a call at (949)652-7800.
Verification of Vendor Remittance Information
Remittance information is crucial for efficient and accurate processing of payments, as it helps both the payer and the payee track, reconcile, and manage their financial transactions effectively.
R365 Payments protects your organization against fraud by verifying vendor remittance information. Each time a payment is created, R365 sends the payment using the fastest and most cost effective method for you and your vendor. While manual payments always use the information available on the Vendor record, R365 works directly with the vendor to ensure that the payment reaches the correct payee at the most valid address using with the best payment method.
Disclaimer
While these precautions are taken in an effort to protect your organization, R365 does not guarantee fraud prevention. It is still important to remain diligent and practice security measures as instructed by your organization's code of conduct and your IT department.