Setting up Service Provider Payment Methods

Summary: This article and tutorial video demonstrates how to define and manage the payment methods that management companies use to pay their Service Providers.

With Vantaca, each Service Provider has a preferred payment method to designate how that provider receives payment on all invoices. There are options allowing for association-specific or contract specific overrides as well. This means that a service provider can elect to be paid via-ACH for all associations, but can be paid via-check for one association in particular.

Vantaca also makes it easy to identify the coupon location for the invoices that your vendors send and will automatically print the coupon stub directly on the check eliminating the need to match coupons with the payments!

To configure your service provider payment methods, first go to the service provider list page to select your provider, then Navigate to Service Provider > Payment Method page.

Then, select the appropriate service provider by clicking on the provider name at the top of the page.

• The coupon location allows you to identify the location of the coupon on your service provider’s invoices. Once identified, when checks are remitted to that vendor, Vantaca will source a copy of the coupon location identified for each invoice and will print that information on the check that is cut, so that your vendor can easily associate the payment being received with the invoice that was issued for that payment.
• The pay type field allows you to define the default payment method for this service provider. When using ACH, be sure to enter the correct routing and account numbers, you will need to enter each number twice for verification purposes.
• Service providers will receive an email with a list of any invoices that were paid to them from Vantaca on the previous day.  We use the Remittance email field to send those remittance emails to a specific email address, such as the provider’s accounting department. If no email address is entered into the remittance email field, the remittance email will default to the email address on the service provider record. 
• Please Note,the system is designed in that when you change the routing and/or account number, both of those sections need to be updated. It is done as a security measure as we never allow ACH credentials to be seen in the system so they are encrypted once entered so any time you are changing one or the other, they will both need to be updated

If you need to setup an association override for the default payment method, click New Association Method to select your association and define your Payment Method Override for that association. Be sure to click Update to save any changes.  

Note: Only Checking accounts will work for payment to a Service Provider.