The word "payments" is a generic term that refers to the process of transferring money from one account or device to another. Whether a business is accepting payments from customers, paying their employees, or remitting taxes to the government, all of these activities involve some sort of payment. The larger a business's payment volume and number of transactions processed, the more complex their payment structure becomes. In order to ensure that payments are authorized and accounted for properly within an organization, businesses must have internal controls in place for each type of transaction.
Most payment-related articles cover topics related to ecommerce, on-site fraud mitigation, fraud protection services, and fraud reporting. Additional topics related to payments include data security and risk management, fraud detection algorithms or strategies for fraud detection, fraud prevention services such as address verification systems.