Setting up Vendor Payment Methods

Vantaca allows management companies to define and manage how each vendor receives payment. Each vendor has a default payment method that applies across all associations, with options to configure association-specific or contract-specific overrides. For example, a vendor can receive ACH payments from all associations but receive a check from one specific association. Vantaca also supports coupon location tracking, which automatically prints remittance coupon information directly on the check so vendors can match payments to invoices.

Contents

• Set UpVendor Payment Methods
• Check Name Priority
• Association Payment Method Overrides
• Paying Vendors via ACH from Reserve Accounts

Set Up Vendor Payment Methods

To configure payment methods for a vendor:

1. Navigate to Vendors > Payment Method.
   The Edit Vendor Payment Method screen opens.
   
   
    
2. Provide the following information:
   • Vendor name: (Optional) Click the Vendor name at the top of the page (for example, Alena's Service INC) to open a search and select a different vendor.
   • Coupon Location: Select the location of the coupon on the vendor's invoices. When checks are remitted to that vendor, Vantaca locates the coupon location identified for each invoice and prints that information on the check, so the vendor can associate the payment with the correct invoice.
   • Pay Type: Select the default payment method for the vendor. When selecting ACH, vendors must supply their checking account information. Enter the routing number and account number twice each for verification. See the notes below about updating ACH credentials.
   • Print Separate Checks: Select to print separate checks for this vendor. This option is disabled by default when a Coupon Location has been selected.
   • Remittance Email: Enter the email address where remittance notifications are sent (for example, the vendor's accounting department). Vantaca sends one consolidated remittance email per payment batch that lists all invoices paid to the vendor from the previous day. The system also records an action item note on each individual invoice.
3. Click Update.
   Note: Vendors will receive one consolidated email per payment batch with a list of all invoices
   paid to them from Vantaca on the previous day. Vantaca uses the Remittance email field to send those
   remittance emails to a specific email address, such as the vendor's accounting department.
   The system automatically tracks an action item note on each individual invoice while sending a
   single summary email to reduce email volume and improve clarity.

Important: 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 Vantaca never allows ACH credentials to be seen in the system so they are encrypted after they are entered. Any time you are changing one or the other, they will both need to be updated

Check Name Priority

When printing checks, Vantaca applies the following name priority order:

1. Check Name
2. DBA (Doing Business As), if no Check Name is entered
3. Legal name, if neither Check Name nor DBA is populated

This applies to both standard and consolidated checks.

Association Payment Method Overrides

If a vendor requires a different payment method for a specific association, you can configure an association-level override.

To add an association payment method override:

1. On the Payment Method page, click New Association Method.
   A new row displays in the table.
   
   
    
2. Provide the following information:
   • Select the association.
   • Define the Payment Method Override for that association.
3. Click Update.

Note: Service Providers have been renamed Vendors.  

Paying Vendors via ACH from Reserve Accounts

Vendors can be paid directly from reserve accounts via ACH. Before processing payments, verify that the reserve account's ACH ID exactly matches your bank's records.

Critical Setup Requirement: The Reserve Account's ACH ID must exactly match your bank's records.

To verify:

1. Navigate to Association > Bank Account.
2. Locate the ACH ID field for the reserve account
3. Confirm this ID matches your bank's records exactly

Important: Always validate the ACH ID with your bank before processing vendor payments. Any discrepancy will cause payment failures.

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