Financial Sector
Compromised Networks
When discrepancies in payments and billing arise at technology companies or financial institutions, technical analysis must occur before any direct solicitation with clients. Since technology provides the ways in which communication exists both internally and externally at the organization, information technology and cybersecurity should inspect the functionality of devices in order to discover and eliminate potential problems. The primary step would involve inspecting the payment system for potential technical glitches. If the company uses a large scale internal database structure for storing confidential payment information, then a thorough scanning of the platform for potential errors may identify possible reasons for not receiving payments. If the company uses an internet-based structure for collecting such information, staff may need to communicate with a third party in order to discover the possibility of potential errors and solutions.
Data Collection
Ensuring the accurate collection of fields within the payments systems can verify the company’s ability to collect client information. Presumably, data fields would include various sections for the input of confidential client information including: name, address, account and confirmation numbers, and other personal identifiers. Validating the correct appropriation of data fields ensures the company collects data effectively; therefore, suggesting the issue exists due to poor client communication or circumstances outside internal or external company communication networks.
Mitigation
Only after determining the appropriate functioning of technical devices would the solution require direct communication with clients. Information technology experts or other staff can call the client with the intent of explaining the terms of invoicing and requiring about the payment for products and services. If the client submitted a payment in decline or did not do so entirely, the staff member could process the payment amount directly over the phone or internet. If certain client circumstances arise outlined in company policy it may be appropriate to provide an extension deadline or late penalty to payment amounts for not adhering to company policy.
While there are seemingly an infinite number of approaches staff could take to solve the issue of missing payments, the most beneficial starts with an examination for company technical devices. Therefore, conducting internal examination before external communication with clients can lead to resolution of issues efficiently and effectively. The following four procedural steps represents the most effective approach in solving payment issues at the technology company: 1) conduct a full scale technical examination of databases responsible for storing client payment information, 2) examine any technology used to transfer communication between the database and the client, and vice versa, 3) communicate directly with clients to review invoicing policies and request payment, and 4) accept new payments or apply extensions or late fees consistent with company policy.
