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RMAI Update August 2024

RMAi Blog

The bill would broadly define medical debt to mean “a debt related to, in whole or in part, a transaction, account, or balance arising from a medical service, product, or device.” The scam resulted in numerous unauthorized electronic transfers being made from the customers’ accounts at the financial institution.

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Different Payments Types Explained

Lockstep

An echeck is an electronic version of a check that uses the customer’s bank account and routing number to debit the funds from their account, just like a paper check. The main difference between an echeck and a check is that an echeck clears faster because it’s processed electronically. . What are Wire Transfers?

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ACH Transactions: What Small Business Owners Need To Know

Lendio

What are Automated Clearing House (ACH) transactions? Essentially, it is the method banks use to send money between accounts electronically. ACH is maintained, developed, and administered by the National Automated Clearing House Association (NACHA), a nonprofit funded by the financial companies that use ACH.

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Red Flags for COVID-19 Related Fraud – What You Need to Know

Abrigo

Bad actors are poised and ready to use disasters, such as a pandemic, to steal money and/or personal information. As the COVID-19 pandemic continues to wreak havoc around the globe, related fraud continues to escalate at a staggering rate. FinCEN advisories warn against COVID-19-related scams.

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What Is Cash Management?

TreviPay

It involves accurately tracking all cash inflows and outflows, maintaining clear records of financial transactions and ensuring that all financial information is up-to-date and accurate. Analysis helps identify periods of positive cash flow or negative cash flow and allows for informed decision-making.

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Why a Multi-Payment Gateway is a Game-Changer

Gaviti

You’ll want to offer the right technology to ensure your customer payment data and information is secure, yet also provide a wide range of payment methods at the same rates your customers are used to. This should include debit and credit cards, local bank transfer, ACH/echeck, wire transfer and electronic funds transfer.

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How to File Taxes as a Sole Proprietor: Everything You Need to Know

Fundera

These incorrectly recorded transactions will skew your profit and result in you paying too much or too little tax. 1099 requirements: If you paid one or more independent contractors at least $600 by check, cash, electronic funds transfer, or wire transfer during the course of the year, you must file 1099s for them.