The ability to make payments via Nvoicepay is only available for US based customers.
Single workflow for all vendor payments.
You do not have to store the vendors’ banking data; Nvoicepay collects and maintains the vendor data and assumes liability for the payment.
Vendor onboarding is fully implemented by Nvoicepay; continuous vendor on-boarding for virtual credit cards.
Significant cost savings by moving from check to electronic payments; Cash rebates on credit card transactions.
Faster Virtual Credit Card (Cards will be created and sent to your vendor the next business day).
Faster ACH (Funds will be processed the same day and sent out the next business day).
An account with Nvoicepay is mandatory before payments can be processed via Nvoicepay in Beanworks. To start the process of setting up an account with Nvoicepay please reach out to your Customer Success Manager.
The company / legal entity is enabled for the payment module.
The vendor is enabled for the Nvoicepay payment method.
The invoice is approved and exported for the vendor enabled for Nvoicepay.
Currently international payments can not be made via Nvoicepay.
Nvoicepay conducts a 2-3 weeks vendor campaign, in which they match the vendor list to their database and enrol the vendors. In case no match is found they call the vendors to accept electronic payments.
Copies of checks can be made available if needed.
HOW IT WORKS
STEP 1: On-boarding / Setup with Nvoicepay
You need to provide the following details -
Setup form (per company / legal entity). The form consists of general information like Company details, banking Information and authorization details.
Voided check or bank letter
Signed, current W-9
Bank authorization letter allowing Nvoicepay to debit funds. You will need Nvoicepay ACH Id for this, which will be provided during the implementation.
Terms and Usage
Optional Documentation (For vendor campaign)
High resolution logo for vendor letter and electronic enrolment form
STEP 2: Vendor Enrolment
Vendors are auto enrolled for Nvoicepay as long as complete vendor address (including country) is available in Beanworks. However, you can disable a vendor in the vendor management area of settings.
Note: The vendor address is imported into Beanworks as part of importing/ syncing vendor list from the accounting system. If the vendor address is updated the information will sync into Beanworks, however the updated vendor information will be passed to Nvoicepay when the next payment is released for the vendor.
ENROLLING NEW VENDORS
If you want to add additional vendors after the initial vendor on-boarding, you have the following two options -
Add the vendor to the accounting system and sync the vendor list. The very first time you process a payment for that vendor, Beanworks will send the new vendor information to Nvoicepay along with the payment file. The initial payment will be sent to the vendor in the form of a cheque. The vendor can then sign up for electronic payments (ACH or Virtual Credit Card).
You can provide the vendor with your legal entity specific vendor URL to sign up for electronic payments (If you do not have this information please reach out to our support team.) This update typically takes about 2 weeks. Then the vendor will appear in the Nvoicepay database and you may process payments to the vendor.
STEP 3: Payment Workflow
3.a) Once the payments are created and the details added, the payments are submitted for approval and approved based on your approval metrics.
Note: The customer only selects a general payment method 'Nvoicepay' in Beanworks.
3.b) When the payment is released from Beanworks, it is in the status [RL]. The payment changes from Released [RL] to Paid [PD], within 10 - 30 minutes of receiving a confirmation from Nvoicepay.
Please note, Nvoicepay will send a remittance email to the vendor. In addition you have an option to send a second remittance email by enabling the 'Send Remittance Email' option in the vendor on-boarding.
3.c) Payment Data can be exported from Beanworks into the accounting system after the payment has changed into paid [PD] status. Currently, 'Nvoicepay' is exported as a payment method.
Note: The actual payment method that the vendor is paid by (check, ACH, VCC) is stored as a comment on the payment in Beanworks.
Payment Troubleshooting and Support:
1) Vendor not paid:
In case the vendor does not receive a payment, the vendor directly reaches out to Nvoicepay support.
2) Payment errors out:
If the payment errors out, then the customer directly reaches Beanworks support team.
3) Vendor needs to be off-boarded:
You can disable a vendor for Nvoicepay by going to the list management area of the settings.
4) Payment needs to be voided:
The customer will reach out to Beanworks support team, who will reach out to Nvoicepay team. When the payment is voided in Nvoicepay, an automated refund is triggered. Also, the payment will have to be voided in Beanworks.
Note: Details on who to reach out specifically, will be provided during the on-boarding process.
5) Will Nvoicepy be debiting the bank account in a lump some for the payments on a particular day?
- The bank account is debited per payment making payment reconciliation easy.
6) How will we know when a check clears?
- From the perspective of the user, the payment amount will be pulled from your bank account irrespective of the payment method the vendor is paid by. If the vendor reaches out to you regarding questions about a payment, please contact our support team and they will be able to help you troubleshoot.
For frequently asked questions by vendors / suppliers, please read here.