ACH Payment File
Invoiced offers a streamlined way to send payments to your vendors using the Automated Clearing House (ACH) payment method. This guide will walk you through setting up and using the ACH payment file method within Invoiced, including generating ACH payment files that you will then upload to your bank's ACH payment service to complete transactions.
Log into your Invoiced account and go to the Settings section. From there, find the Payment Methods area, which allows you to manage and set up how you pay your vendors.
Look for the ACH Payment File option within the list of available payment methods. Enable this option to begin setting it up as one of your preferred methods for paying vendors.
You may need to provide specific details to configure the ACH payment file settings properly. This could include:
- Bank Information: Your bank's routing number and your account number.
- File Format: Ensure the file format matches your bank’s requirements for ACH payments (e.g., NACHA format).
- Originator ID: Some banks require an originator ID for businesses making ACH payments.
After entering all necessary information, save your settings. You’re now ready to generate ACH payment files for your vendor payments.
Navigate to the Bills section in your Invoiced account. Select the bills you wish to pay using the ACH payment file method.
With the bills selected, choose the ACH Payment File option as your payment method. Confirm the selection, and Invoiced will generate an ACH payment file based on the bills you’ve chosen to pay.
Before proceeding, review the generated ACH payment file to ensure all payment details are correct, such as payment amounts, vendor bank information, and your company's bank information.
Log into your online banking portal and navigate to the ACH payment services section. This is where you will upload the ACH payment file generated by Invoiced.
Follow your bank’s instructions for uploading ACH payment files. This typically involves selecting the generated file from your computer and confirming the upload.
After uploading, your bank may require you to review and confirm the payment details one final time. Proceed with this confirmation to initiate the ACH payments.
After submitting your ACH payment file, monitor the payment status through both your Invoiced account and your bank’s transaction history. Ensure that payments are processed successfully and reconcile any discrepancies immediately.
- Regularly Update Vendor Bank Details: Ensure that your vendors' bank information is current in your Invoiced account to avoid payment rejections.
- Securely Handle Bank Information: Practice good security measures to protect your and your vendors' sensitive banking information.
- Stay Informed on ACH Guidelines: Familiarize yourself with your bank's ACH payment guidelines and any transaction limits or fees.
By following these steps, you can efficiently use the ACH payment file method within Invoiced to streamline your vendor payments, ensuring a secure and reliable payment process.