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Remittance slip example for R&D

[Music] hello everyone this is Deborah Richardson and today I am putting the AP and happy where accounts payable teams are impowered to protect the vendor Master file from fraud this podcast will give a voice to accounts payable team members by talking about the growing reality of cyber attacks in their world and which vendors set up and vendor management techniques they can apply to protect the vendor Master file from fraud need training visit the vendor process Training Center to enroll in your choice of weekly live and OnDemand training sessions plus get access to vendor setup form templates and reference tools that will help you and your team avoid fraud fines and bad vendor data so sign up for a free account to get access to free training sessions vendor process FAQs and a resource library with information you need to manage your vendor Master file visit training. deorr richardson.com today the link will be in the show notes are you and your team members making confirmation calls to your vendor to confirm remittance information if so are you using confirmation call scripts see how they can be valuable to prevent fraud and make the person receiving the call more apt to confirm the information this is the fourth episode in this series of five keep listening [Music] welcome to episode 318 confirmation call scripts number four adding remittance addresses for check payments now two things I want to point out one is this is the fourth uh episode in the series of five the other three can be found just prior to uh this uh episode number so it starts with episode 315 goes all the way to episode 317 so 315 was confirmation cost scripts number one changing banking details for a y wire payment uh episode 316 was confirmation Clause scripts number two adding Bank details for AC wire payment and believe it or not a lot of folks are making the call when they add vendor banking uh as well for a new vendor so I go into that a little bit in that episode so check that out if you haven't already and then the one just before this one was confirmation cost scripts number three changing remit address uh for check payments and so I always did the changing ones first since changing banking or changing checks um remittance address for check payment vendors are always where uh most of the fraud happens because it's an existing vender and frosters are just trying to divert the payments so I always start with changing and so last week episode 317 I talked about changing the remit address for check payments so in this episode I'm talking about adding remittance addresses for check payments and making a confirmation call for that now there are a few scenarios where you you may have to add a check remittance address to a vendor and this could be in the case of a new vendor because if you listen to the episode where I talked about adding Bank details uh and I just said it I think in this one too many vend or many buyers or clients or companies like yours will confirm all remittance information whether it's bank for uh bank account details for electronic payments a wire or whether it's a remittance address for a check payment so if you have a new vendor and you are adding remittance address uh a remittance address for check payments you can reach out to them and confirm that especially if you got all their information all their supporting documentation like the W9 or a copy of the contract or something from an internal team member and not directly from the vendor or even if you got it from the vendor because again you never know whether these things um are valid whether if you're getting it from an internal team member whether they got it from cook.com whether they were social engineered it's always best to confirm the remittance information so that's one if you're adding a new vendor and two is if you are changing um a vendor from an ACH payment to a check payment and they have a different check remittance address or you want verify right they have a different uh check remittance address because you may have a vendor where you sent them an AC payment but the a payment was returned and I actually get this question quite often where they think well can I just automatically uh reply or change that vendor to a check payment and just send it to whatever address is on filed but if you think about it if the AC is no longer working the bank details are no longer working then guess what maybe they moved maybe their check remittance address or the remittance address to in check payments is no longer valid as well so you may need to change it for that and then of course maybe the vendor uh did let you know that they need um to add a new check remittance address some vendors will have multiple addresses that they may need you to send payments to to um that's the same for banking too right they may need to have these types of payments or certain types of payments sent to one remittance uh address or one U different bank account then another type of payment I talked about it with the banking with um of all things right an example was the bank uh the banks themselves sometimes they want ATM payments to go to One bank account and other types of pay payments to go to other bank accounts same could be true for remittance addresses it could depend on the type of product you're buying and so you may be adding a check address I will tell you that when I was a practitioner we had uh quite a few systems and in a lot of the systems especially PeopleSoft because PeopleSoft require you to have a separate address ID for every separate address and I guess the same could be this uh could be said for uh systems like Oracle where they have multiple side IDs based on different addresses or maybe other different criteria that requires a new site ID um I guess the same thing could be same thing could be true for sap although you're going to have different uh vendor numbers because it's a relational or relationship type thing and so you have one vendor header uh and then you have have you could have multiple Pi or remittance uh vendor IDs that have a relationship with that header uh vendor record uh and that depends on which version you're using because you be could you could be using the most recent version of sap sap sap Hana that deals with business partners slightly different uh than let's say uh sap version ECC um 6.0 or whatever version you have of ECC and so business partnering and the partnering function slightly different in in uh depending on which version of sap you have but still uh it could require right additional uh vendor IDs based on how many uh different addresses or banking uh sets of banking details you have and that could be true for any system all right so that could be why why you may need to add remittance address for check payments versus changing remittance address for check payments and on that note little pet peeve a lot of times right if we if you don't ask um related to remittance addresses they may just want you to replace it um and I know in our vendor Master file we had seven different ones and I know that in some of those we had multiple uh address IDs or site IDs or vendor IDs um because we didn't ask the question of whether or not it replaced or added and if we didn't know we just always added it which meant we had way more right address IDs location IDs uh vendor IDs and we needed to have but anyway that goes off on a tangent so um that is why you may need to uh add a remittance address for check payments also some reasons why and then when making that confirmation call and I've talked about this in the other three uh episodes uh the reason that I recommend you have a confirmation call script when making those confirmation calls whether it's for Bank changes uh Bank ads uh check changes or check ads is because there are uh um there are issues with the confirmation call um and I'll in each of these episodes I talk about five the first one is right the vendor's not picking up the phone um because right they'll give you a change even if it is valid then they're off doing vendor things uh the second one is the vendor's point of contact they don't really know who you are either by the way so when you're calling them and you're asking them to confirm remittance information that can throw them off and make anyone a little bit uncomfortable and I think I gave a story story in episode 3:15 the first one about when I got contacted um related or regarding my banking information it might have been in episode 315 or 316 because it was uh related to adding banking for a new client of mine they were adding me as a vendor uh and then the third thing is people making the call just reveal too much information actually give out the information then ask them to confirm it and if you've got some some one that's at the CL at the vendor's point of business and they just want to get you off the phone or right they want to make sure they get paid um so they're going to say yes that's it because they don't want um to take the time to go and find someone else that may not know and then risk not getting the payment in uh so you want to make sure that uh you're not revealing too much information so that you can verify that it's actually correct and not just uh what do you call that haphazardly approved when it's not correct it's going to end up either being a fraudulent payment or a payment that gets returned and then uh the next one is team members do not include authenticating information and this again goes back to what I was just talking about you have to make sure that you are speaking with someone who knows the information is correct uh and the right person uh that it is a person at the vendor's place of business business because you don't want to uh uh communicate with a froster and have them approve the fraudulent information that they sent to you right so you want to make sure that that doesn't happen you might um wonder why do I have to worry about that well if you are not making that call and I've seen uh a couple of instances uh out that have been reported in press releases uh had a couple of clients back in the summer 2022 that this happened to um where they weren't the the folks that I talked to weren't making the call it was direct reports that's making the cause and sometimes uh indirect reports um so folks weigh down kind of in the uh in the uh Team or chart right and so they were making the phone calls and you don't you if you're not making that call yourself you have no idea what they're really doing and so what we found that they uh were doing especially with the two c C that I had is that they couldn't find uh information out on the web because a lot of vendors are pulling their information off because they don't want uh to be victims of fraud so they don't want anybody calling their accounts receivable Department right because like I said uh uh on the second uh reason why there are problems with the confirmation calls they don't know who you are either and so they pull that information off um and so uh if you don't have that information in your vendor Master file uh just know that some of your folks may be con using the contact information that is on the request which is going to result if you do not have authentication in place it's going to result in a fraudulent payment because of course the froster is going to approve uh the uh confirm the change and approve the the uh the information because they're just it's the information that they gave right the address and then the last one is team members using the information in the email or invoice so I just talked about that and they are using that information uh in the email or on the invoice because uh either the vendor um does not have the contact information of the AR team or whoever they need to confirm with uh it's not or it's not in the vendor Master file or they have contacted someone uh using contact information that they found or that was in the vendor Master file and the uh vendor contact was uh has already been told that they are not to confirm uh remittance information over the phone so um you really need when you're making that confirmation call to mitigate a lot of these issues you need to have a confirmation call script and so let's get into the one uh for today's episode and that is adding remittance address for check payments now if you've listened to the other three this is going to sound a lot similar to it uh except it's going to have some different uh uh authentication a different authentication question and by the way with all of these you can replace any information that you think would be uh would make get better for your company your everybody everyone's company is unique maybe your industry is a little unique right and you want to change some of the authentication or some of the wording feel free all right so here is the confirmation call script so the first thing just like the other ones we're going to say good morning good afternoon my name is and then you'll say your name and then I am from and then you will say your company and the next thing is is a request has been received from and then you will give either someone at your at their company or someone at your company and the whole key behind this is to make sure that you're trying to find the name of the person that they know and if they don't know your internal employee name then you want to give them the uh employee at their company that they would either know or can and look up so the uh the confirmation script will go this way a request has been received from uh either their uh internal team member or your internal team member and a request has been made to set you up as a vendor in our system for check payments now that sentence can be changed depending on what it is you're doing the reason that you're adding uh the ad address for check payments it could be for a new vendor it could be because a payment wasn't successful um it could be a request has been made to add that vendor to uh or add that remittance address to an existing vendor record all right the next sentence is uh a confirmation of the remittance address is required for this request and then you ask them are you the person that can confirm the tax ID and and remittance address for your company and this is always asked to make sure that you're talking with the right person um because before you go through this whole process with them is not long but before you even go through that you want to make sure you talking to the right person and if they say no then you want to make sure you have some verbiage there so the person asking can uh gracefully exit the conversation so if they say no you say can you provide a phone number for a more appropriate team member that can com uh confirm or provide that confirmation and if they say yes then you take that information but if they say no just have them say or you can say thanks thank you for your time I will follow up internally now if they say yes this is where the confirmation comes in ask them to please uh confirm the last five digits of your tax ID and again this is an add not a change so um we're going to assume that there is no remittance address on file and we are going to ask them for something that we know should be identifiable for the company that they should know and in this case I use the last five digits of the tax ID but there if there is something that you feel is better to be used feel free to change that now once they confirm conf irm the last five digits of the tax ID now you can have them confirm the remittance address and once that is successful you can tell them thank you for confirming please provide your email so that I may send a confirmation once the information has been updated and now what that does for you is it gives you right a an email address that you can have on file so you have another cont contct and you could put it together with the telephone number and now you have contact information email and telephone number in case changes are requested in the future you can use that to make your confirmation call now if uh they answered successfully or we talked about that now if they did not answer successfully then you would say or have the uh your person say that information does not match what was submitted can you provide a phone number for a more appropriate team member that can provide that information uh and then if they say no then thank you for your time I will follow up in and that's it uh that's all you need for uh confirming the adding a remittance address for check payment so that's it for this episode we're talking about adding check address or emit address for check payment vendors and don't forget to uh listen to the three episodes before it episode uh 315 316 and 317 and then next week uh is uh December 19th so it's the last one before the Christmas holiday and the Christmas holiday I am definitely not going to have a podcast so the one next week is going to be a little mini one and it is going to be very short and sweet and uh yes you can leave a voice message a request to call back and I'm going to talk about why and what you should say it'll be a very quick episode prior to the Christmas week so thanks everyone I hope you enjoyed the 3 18th episode of the putting the APN happy podcast where accounts payable teams are owed to protect the vendor Master file from fraud don't forget to check the show notes for the links mentioned in the podcast and if you en enjoyed this episode consider subscribing and writing a review of my podcast on the platform that you use to listen stay happy