Vendor Pay
Invoiced Vendor Pay provides a streamlined solution for businesses domiciled in the United States to receive payments from other business customers. Utilizing the ACH (Automated Clearing House) payment system, this service ensures secure and efficient transactions directly between business accounts. This document outlines the necessary steps and guidelines for using Vendor Pay to receive payments, including service eligibility, transaction limits, and processing details.
- Business Location: Only businesses with a legal and operational presence in the United States are eligible to use Vendor Pay for receiving payments.
- Customer Type: Payments must be from business customers. Vendor Pay is not intended for receiving personal payments or transactions from individuals not operating as a business.
- Transaction Limit: There is a $10,000 limit per transaction. This is to ensure compliance and manage the risks associated with larger transactions.
- Excess Transactions: Payments exceeding the $10,000 limit will be automatically split into multiple transactions to comply with this limit.
- Transaction Fees: Each transaction incurs a fee of $1, regardless of the transaction size.
- Payment System: Vendor Pay uses the ACH payment system for processing transactions.
- Processing Time: Transactions take 4 - 6 business days to complete. This timeframe accounts for ACH processing times and the verification steps required to secure each payment.
- Registration: If you haven’t already, sign up for an Invoiced account. Ensure that your business information is accurately provided and that your account is verified as required.
- Enable Vendor Pay: Activate the Vendor Pay service from your Invoiced dashboard. Additional business information may be needed to enable this service for receiving payments.
- Payment Information: Provide your customers with your Invoiced Vendor Pay details, including any necessary account or business information required for ACH payments.
- Invoice Integration: If possible, integrate Vendor Pay information directly into your invoicing system, allowing customers to select this payment option easily when they receive an invoice from you.
- Transaction Notifications: You will receive notifications for incoming payments, including details on the payment amount and the customer making the payment.
- Split Transactions: For payments exceeding the $10,000 limit, be aware that these will be processed in split transactions. Each part of the split transaction will be notified separately.
- Payment Status: Use your Invoiced dashboard to monitor the status of each payment, including processing stages and completion.
- Reporting: Generate reports for your records, including detailed information on received payments, transaction fees, and split transactions for reconciliation purposes.
Utilizing Invoiced Vendor Pay for receiving payments from business customers offers a secure, efficient, and compliant way to manage transactions. By following the outlined steps and adhering to the transaction limits and processing times, businesses can improve their payment workflows and financial management. Ensure that your business and your customers are aware of the transaction limits and fees associated with Vendor Pay to facilitate smooth and successful transactions.