This is a sponsored blog post from Paymerang.
1. FBO Account
Your funds are held in and disbursed from “For Benefit Of” segregated accounts at The Bancorp Bank, a NASDAQ traded bank (TBBK) with $4.4 billion in assets.
2. Insurance
We maintain insurance coverage with highly-rated insurers for general liability, errors and omissions, employee theft, forgery, computer fraud, funds transfer fraud, currency fraud, and credit card fraud, in the amount of $1,000,000 per occurrence.
3. Data Encryption and System Authentication
We encrypt all of your payment data and restrict system access using two-factor authentication.
4. Configurable Approvals
Your account can be set up with multiple approvals, single payment limits, and segregation of duties for tasks such as the addition of vendors and uploading of payments.
5. Virtual Cards
Card payments are made with virtual debit cards that are pre-loaded with the exact payment amount. You are protected 100% against fraud.
6. ACH Secure Login
Using data provided by you, we confirm the identity of your suppliers and invite them to sign up for ACH direct deposit through a secure login. Our secure process shields you against phishing attacks.
7. Positive Pay on Checks
Check payments are made using Positive Pay, a service that matches the account number, check number, and dollar amount of each check cashed.
8. Protection Against Duplicate Payments
Payments are flagged as duplicated if made to the same vendor for the same amount within 30 days.
9. Audit Trail
The life cycle of your payments is maintained and accessible by you at any time.
10. Reconciliation
We reconcile every penny of your money—card, ACH, and check—on a daily basis.