Beanworks payments module is available to all its customer base to pay their vendor invoices from one system. To learn more about Beanworks payment offering, read here.
Please note, after the payment has been released we receive payment confirmation back from the payment partner after which the payment changes from released [RL] to paid [PD]. The timing when payment status changes from RL to PD is entirely dependent on the type of payment method and payment partner.
Please see below for the list of payment partners and payment methods -
Comdata - Virtual Credit Card (VCC)
Virtual Credit Card payments change to paid status after the vendor has swiped the card.
NvoicePay - Virtual Credit Card, ACH, Checks
The payments via Nvoicepay changes to the paid status within 15-30 minutes of the payment being released.
VersaPay - Electronic Fund Transfer (EFT)
EFT payments change from released to paid status when we get confirmation from our payment partner that the payment amount has been deposited in the vendors bank account. EFT payment settlement can take anywhere from 3-5 business days.
Smart Payables - Checks
Check payments change from released to paid status when the checks get printed which happens by 3:00 PM EST Monday - Friday. You must have your payment released in Beanworks by 10:00AM EST to have your check printed that same day. If not, it will be printed and sent out the following business day.
Checkbook - ACH
ACH payments change from released to paid status when we receive confirmation back from the payment partner that the payment amount has been deposited into the vendors bank account. ACH payment settlement can take anywhere from 4-5 business days.
Cambridge - Wire (Coming soon!)
Wire payments change from released to paid immediately.