What we do to secure your money.
At PayPugs we make sure that our client funds are extremely secure by keeping them within our own organisation. Unlike regular banks we don’t invest client funds or do anything with their funds that the client doesn’t agree to in advance, giving them zero risk.
What do you see as the general security risks for people using competitor platforms or online payment platforms?
Some of our competitors only have one bank, whereas PayPugs is safeguarded from the risks of bankruptcy by having several partnering banks, giving our clients extra security and peace of mind.
What are the biggest concerns that clients have when it comes to the security of their money?
In our experience our clients’ main concerns are that their funds are going to the recipient, that AML checks are made on recipients and what would happen should we become bankrupt.
What security systems do we have in place?
We have a three-tier approach to security. Firstly, clients must use two – factor authentication.
Secondly, an AML check is done on the receiver before we proceed with a payment, even if it is a regular payment.
We also check that the payment is valid under the client’s contract and if it is not valid we do not proceed with the payment and instead contact our client to let them know.
And, because we provide such personal and transparent customer service, talking regularly with our clients, we notice immediately if for example if we don’t recognise the voice of the person we are speaking to, if IBAN’s account numbers don’t match or if the email address differs from the ones in the contract.
Thirdly, payment details are checked again after the payment leaves PayPugs and before it is received by the beneficiary bank.
In the unlikely event of our bankruptcy, we do have insurance for deposits, as our license is tied to a surety bond.
What tips would you give to clients and potential clients to keep their money safe?
Our key tips to clients and potential clients are for them to make sure that they don’t share their information with others who are not authorised and to keep the number of authorised people giving instructions about their account to a minimum.
It is important that clients be vigilant and check all invoices thoroughly even when they are from long standing suppliers.
And it is vital to check if the IBAN account number has changed – and it may only be by one digit, so it is harder to spot.
Don’t be complacent as ‘familiarity can breed contempt’.
To find out more about setting up a PayPugs account, arrange a call with one of our Business Development Officers.