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Authenticating vendor banking information
May 12, 2023
Q. Our company works with 80% Independent Contractors in our vendor master file. We are currently at 85% electronic payments. About 25% of those are wire transfer and the rest ACH. We collect electronic payment information for about 450 new vendors per year via DocuSign. Of course, DocuSign is an email centric platform. Our current insurance company is now insisting that we make call backs to verify all banking details that we collect and make changes for. Questions: Is this what most companies…
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