How Does High Value Payment Monitoring Work?

Throughout the course of their business, organisations undertake several types of payments, and regardless of their value, it is imperative they keep track of them. We all know that business owners should monitor high value payments. But, how should it be done? What is a high value payment or transaction and how can you monitor high value payments to protect your business and ensure seamless processing systems for your customers?

What is a High Value Transaction?

A high value transaction is a value larger than the median value of all your transactions. Another way to calculate a high value transaction is to take the 75th percentile of all your transactions.

High value transactions could be a transaction with a higher-than-average risk of fraud or a large cash transaction with a larger portion paid by cash. Other transactions that are considered high value are those made to an account that has been blocked due to suspicious activity.

Why should you monitor high value payments?

Every high-value transaction comes with a risk of fraud. Making sure that all the high-value payments go to the right account is essential. A payment monitoring system can prevent fraud and ensures everything smoothly runs. Other benefits of high value payment monitoring are spotting inconsistencies and suspicious transactions in your company’s financial records. 

A high value payment monitoring system is the best way to improve cash flow and prevent financial losses.

How to monitor high-value payments?

Monitoring high-value payments within your business is best done with a set of automated tools that are made specifically for this purpose. You will be able to provide seamless payment experiences for your customers and stakeholders by using high-value payment software.

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How does transaction monitoring software work?

Every aspect of a transaction is monitored through transaction monitoring software, which feeds that information into risk rules.

The system automatically flags or blocks suspicious actions that include

  • Transactions that are not normal or unusual. 
  • Transactions over a specific value. The value can be set by the software.
  • Similarly domestic or international transfers over a certain value.
  • Huge cash deposits or withdrawals.
  • When the source of inbound or outbound funds is unknown.

The importance of retaining customer trust cannot be overstated, however, if payments are not managed correctly, it can jeopardise their trust. The oversight provided by a high value payment monitoring system can be lost if payments are not processed correctly. It is essential to monitor high value payments in a precise and accurate manner to avoid any issues that might negatively impact credit ratings or result in regulatory action.

Payment monitoring systems provide broad and specific visibility into accounts and account status in real time, allowing you to see when payments have been processed.  Additionally, it sends alerts within seconds of an anomaly occurring before it impacts the customer or settlement accounts. As a business owner, you need to invest in high-value payment monitoring software. This also allows for a unified experience for customers and stakeholders alike and maintains a secure, trustworthy business.

With advanced high value payment monitoring systems like IR Transact, you can gain a competitive advantage, manage uncertainties and risks, and ensure that processing issues related to high value transactions are addressed immediately. If you need more information on high value payment monitoring and how it will work for your business, visit our website.

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