Invoiced Vendor Pay is a payment service designed to facilitate businesses domiciled in the United States in sending payments to other businesses. This service streamlines the process of managing and executing payments to vendors, ensuring a smooth and efficient transaction process. Below, we outline the steps and guidelines for using the Invoiced Vendor Pay service, including eligibility, transaction limits, and the payment process.
- Business Location: The service is exclusively available to businesses that are domiciled in the United States. Businesses must have a legal and operational presence within the U.S. to qualify for using Vendor Pay.
- Recipient Type: Vendor Pay is tailored for transactions between businesses. It cannot be used for personal payments or transactions with individuals who are not operating as a business.
- Maximum Limit: There is a $10,000 limit on individual transactions through the Vendor Pay service. This limit is imposed to ensure compliance and manage risks associated with larger transactions.
- Handling Excess Transactions: For transactions exceeding the $10,000 limit, Vendor Pay will automatically split the payment into multiple transactions. This ensures that payments larger than the maximum limit can still be processed efficiently and securely, albeit in separate payments.
- Registration: Register for an account with Invoiced if you haven’t already. Ensure that your business details are correctly entered, and your account is verified according to the provided instructions.
- Vendor Pay Activation: Within your Invoiced dashboard, navigate to the payments section and activate the Vendor Pay service. You may need to provide additional information about your business for this service.
- Vendor Information: Add your vendors by entering their business information, including name, address, and payment details. Ensure accuracy to prevent any payment delays.
- Verification: Some vendors may require verification before payments can be processed. Follow the prompts to complete any necessary verification steps.
- Payment Details: To send a payment, select the vendor from your list of vendors. Enter the payment amount and any relevant details for the transaction, such as invoice numbers or payment notes.
- Transaction Review: Review the transaction details carefully. If the payment exceeds the $10,000 limit, the system will notify you that the transaction will be split.
- Confirmation: Confirm the payment. You will receive a confirmation for each transaction processed, including those split from larger payments.
- Payment Tracking: You can track the status of your payments directly from your Invoiced dashboard. This includes pending, processed, and split transactions.
- Reporting: For accounting and reconciliation purposes, generate reports from your dashboard. These reports can include transaction histories, payment statuses, and detailed information about split transactions.
Invoiced Vendor Pay is a powerful tool for businesses to manage their vendor payments efficiently. By following the steps outlined above and adhering to the service's guidelines, businesses can streamline their payment processes, ensuring timely and accurate payments to their vendors. Always ensure your transactions comply with the specified limits and requirements for a seamless payment experience.