Payment Security 101
Learn about payment fraud and how to prevent it
Sport Group is the world’s largest business dedicated to sport surfaces. The Group provides synthetic turf sport fields, athletic tracks, courts and recreation areas in over 70 countries. It uniquely covers the complete value chain, including research and development, chemicals, manufacturing and installation. This work necessitates partnering with hundreds of suppliers – it means there’s a greater amount of supplier admin and therefore a bigger risk of payment fraud.
It’s very easy and gives you all the information you need. It flags if there are suspicious payments or any issues with the ABN. It’s got all the bells and whistles.
Before implementing Eftsure, Tissera says they knew that other companies had encountered scammers who posed as trusted suppliers and sent emails saying they needed to change their bank details.
It was a big concern considering the team onboards 12-14 suppliers per week. This involves a significant amount of admin, not to mention a steady stream of requests to change suppliers’ banking details. The entire process was becoming a huge time sink and, perhaps most worryingly, a significant risk factor. On the payment authoriser side, Tissera was checking every invoice prior to paying them to see if there had been any changes. With far more valuable ways to spend his time, something had to change.
Despite the need for a smarter way to handle these workflows and lower their risks of payment fraud, Tissera says they also couldn’t afford major disruptions to the function. The Group needed that holy grail of tech solutions: an easy-to-implement, out-of-the-box solution that wouldn’t take months or years of disruption to start seeing benefits.
Senior leadership decided to bring Eftsure on board, and Sugianto was given the implementation to manage. At first, he says he was nervous about doing this alongside his daily duties.
Luckily, Sugianto tells us he had nothing to be worried about. With Eftsure taking over the responsibility of verifications and providing dedicated software training, the Group’s regular workload remained largely unaffected. Within just two weeks, Sugianto was already onboarding new suppliers and sending change requests securely.
The training is very straightforward. I had initial fear about finding my way around the platform, but you get used to it and then you know where everything is.
Today, there’s no more constant, manual invoice checking for Tissera. He now checks his payment file securely in Eftsure, has a clear view of any anomalies and gets strong assurance whenever paying large amounts to hundreds of suppliers. Much of the work is either automated or outsourced to specialists who have the time, tools and specialist expertise to scrutinise supplier details and spot any discrepancies.
Since signing up with Eftsure, Sport Group Holdings have:
End-to-end B2B payment protection software to mitigate the risk of payment error, fraud and cyber-crime.