Key Takeaways
- Review payment permissions and approvals as more people handle payments or transaction volume grows.
- Ask your bank about monitoring tools, and assign someone to review flagged transactions.
- Pause unexpected payment requests and verify them using contact information you already trust.
Are Your Payment Controls Keeping Pace With Your Business?
When you started your business, you may have handled every payment yourself. Now employees pay vendors, transaction volume has grown, and you can no longer review every detail personally. How do you keep control of company funds without becoming the bottleneck?
Growth also creates more openings for fraud. Common schemes include fake vendor requests to change banking details, emails impersonating company executives, callers posing as your bank, altered checks, and unauthorized ACH debits. The right controls can help your team identify suspicious activity and reduce the risk of unauthorized payments.
Start by reviewing who can move money, which payments need a second approval, and how your team verifies unusual requests. October is Cybersecurity Awareness Month, a timely opportunity to check whether those procedures still fit your business.
Ben Trinh, Vice President and Digital Banking Manager at New Omni Bank and an Accredited ACH Professional (AAP), works with businesses on digital payments, treasury management, and account security. He encourages owners to update their payment processes as their businesses grow, rather than rely on one person to catch every problem.
When Should You Review Your Payment Procedures
Consider a review when you add employees who handle payments, begin paying more vendors, or find that approvals wait on your availability.
Walk through a typical payment from the initial request to the release of funds. Identify who enters the information, who checks it, and who approves it. If one person can initiate and approve a payment, consider where an independent review would provide useful oversight.
Who Should Be Able to Initiate and Approve Payments
Give each employee access that fits their responsibilities. Someone who prepares payments may not need authority to approve them, and an approver may not need access to every company account.
Ask your bank whether your online banking setup supports separate initiation and approval, and which permissions you can configure. Review access whenever employees change roles or leave the company.
How Can You Monitor Payments Without Checking Everything Yourself
Ask your bank about controls for the payment methods your business uses. For example, check Positive Pay can compare presented checks against issuance information supplied by your business and flag discrepancies for review. For ACH, ask how available controls handle transactions outside your authorizations. Protections and review requirements vary by service.
Before enrolling, decide who will review exceptions, how quickly they must respond, and who will cover absences.
When Should Your Team Pause and Verify a Request
Pause when a vendor unexpectedly changes its banking information or a caller claiming to represent your bank pressures you to act immediately. A familiar name, a courteous tone, or a caller who speaks your language is no substitute for verification.
Fraudulent emails may also appear to come from vendors, executives, or other trusted contacts. The FBI’s Internet Crime Complaint Center recorded approximately $3.05 billion in reported losses from business email compromise in 2025.
Confirm changed payment instructions with an established vendor contact, using contact information already on file. For a suspicious bank call, hang up and call a published bank number or one you already know is correct. Never use contact details supplied in the questionable request.
Never share your online banking password or one-time security codes with anyone who contacts you. Make sure employees know whom to notify, and that they are authorized to pause a payment to verify it, even when the request appears to come from someone senior.
“When a payment request creates pressure to act quickly, pause and verify it through an established contact.”
Where Should You Start
Choose one gap to address first. If one person prepares and approves every payment, ask your bank about separating payment initiation and approval. If alerts go unread, assign a primary reviewer and a backup. If vendor banking changes are accepted by email alone, add an independent verification step.
To review payment permissions, approval workflows, and available transaction monitoring services, contact your New Omni Bank relationship manager, send us a message, or visit one of our branches.
This article is adapted from content originally published in collaboration with Chinese L.A. Daily News.
The information provided in this blog is for general informational purposes only and should not be considered legal, financial, or investment advice. All content is subject to change without notice. Please consult with a qualified professional or contact New Omni Bank directly for personalized guidance or the latest product information.
