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Tedious as it may seem, every business transaction needs to be recorded in the right account. The problem, however, is that unless you have automated accounts payable software, finding the correct account isn’t always such a simple task. Fortunately, a chart of account can help you with that.
As an example, a fraudster may impersonate a vendor — often through BEC or account takeover — and contact the AP team to update payment information to a fraudulent account. The Accounts Payable (AP) team is the most susceptible department in terms of this attack, with 58% of those surveyed noting their AP teams were compromised.
If you log in to a website to pay from your bank account, you are already using electronic payments. Electronic payments, also known as e-payments, allow you to move cash directly from one bank account to another. While they go by different names, they are essentially the same thing: an electronic payment between bank accounts.
When a customer makes a purchase using a credit card, the payment processor forwards the transaction information to the acquiring bank, which then deposits the funds into the merchant’s account. Founded in 1998, PayPal allows customers to make online purchases using their credit cards, debit cards, or bank accounts.
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