Vendors can now choose to get paid instantly, after you’ve approved the payment.
Through the Vendor Portal, vendors can set their payment preference from the options of Instant Pay, eCheck, or Bill Pay. They can change this at any time.
When a vendor opts in to Instant Pay, this will still be a standard eCheck payment withdrawal from your bank account. However the payment will be deposited instantly in the vendor’s bank account, with no additional cost to you.
Vendors select their own Payment Preferences
These features will be contained within the Vendor Portal. Any service vendor logged into their Vendor Portal will have the option to update their payment preferences. Once selected, these options will be automatically updated to their records in your database, so the next time you run through the Pay Bills flow, their correct preference will be on file and automatically selected.
Vendors will have the option to make a payment preference selection from their settings page or from any work order details page. A new section has been added that describes the current payment preference on file and provides the ability to update this preference.
Vendor choices will include:
- eCheck: A direct deposit will be sent to the bank account they provide
- Bill Pay: A paper check will be mailed to the address on file
- Instant Pay: This will still be an eCheck withdrawal from your bank account, but the vendor will receive the payment as soon as you approve it. See below for more details.
New payment option for vendors: Instant Pay
We have heard from many vendors about their desire to receive payments as soon as possible. Vendors will have a new option to help them get paid faster – Instant Pay! Instant Pay eliminates the bank processing time.
When a vendor opts in to Instant Payments, this will still be a standard eCheck payment withdrawal from your bank account. How it works:
|Property Manager perspective||Vendor perspective|
|Standard eCheck payment withdrawal from your bank account
Standard $1 eCheck fee
|Instant Payment: the money will be instantly available in vendor’s bank account, AFTER you issue the payment
1.75% fee paid by the vendor