R365 Payments empowers authorized users to send and schedule payments to vendors. During the initial setup, R365 works with your vendors to determine the most cost-effective method of payment for your organization, whether that be by check, ACH, or virtual credit card.
This article describes the types of payment methods available, how they work, as well as some helpful tips to keep payments and balances running smoothly within your organization.
Important Note: Payments submitted before 5:00 PM Eastern Time (ET) are processed on the same business day. Any payments submitted after 5:00 PM Eastern Time (ET) are processed the next business day.
Article Topics
Check
Checks can be printed and mailed to vendors using R365 Payments. Because the physical check must be mailed and the vendor must deposit the check to their bank account, this method generally takes about 7-10 business days and requires a fee to process.
To determine whether the check displays the name and address of the location or of the legal entity, on the Miscellaneous tab of System Preferences, set the Print Checks From drop-down to either Location or Legal Entity.
To print physical checks, the vendor's mailing address must be completed on the General tab of the vendor record.
ACH
An ACH is a transfer of funds made electronically from one bank to another. A small fee is required to process these types of payments. ACH payments can be processed in 3-4 business days, depending on bank requirements.
To use the ACH payment method, the vendor's bank account information must be completed on the Vendor Additional Info tab of the vendor record. For more information, see Paying Vendors with ACH.
To prevent any delays with R365 ACH payments, if you have positive pay ACH enabled with your bank, ensure that R365’s company ID (1452758311) has been added to your approved list.
vCard
vCard is a virtual credit card used to pay vendors in R365. Not only are vCards the most secure method of payment, but their use also results in cashback, making vCards the best option for your organization. Payments made by vCard are usually processed in 5-6 business days.