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.
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 1-2 weeks and requires a fee to process.
Important Note: 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 2-4 business days, depending on bank requirements.
Important Note: 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.
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 business days.
vCard Transaction Matching in Bank Activity
When multiple payments are made using the vCard payment method, the amount are withdrawn from the bank account as one lump sum, which can make reconciling the transactions more difficult. A Default Matching Rule has been added to the Rule Vault to assist with this process.
Note: Rule Vault must be enabled on the Miscellaneous tab of System Preferences.
The Cash Out - vCard Batch Code rule searches for a set of vCard payments with the same payment date. If the total sum of these payments is equal to the amount of a single bank transaction with a date on or after the payment date of the vCard payments, then the vCard payments are listed as a suggested match to the transaction in Bank Activity.
When Match Set is selected, a confirmation message informs the user that the imported bank transaction will be broken up into multiple bank transactions, which are then matched to to the corresponding R365 Payment Number.
