Whether you’re purchasing inventory or investing in new equipment, keeping your vendors happy by paying on time is important to the success of your business. On Fundbox Pay, you can get your vendors paid even faster and save time by authorizing automatic payments.
What are Automatic Payments?
Fundbox Pay requires both parties to agree to a transaction for it to be complete. That means when a vendor requests payment from you on Fundbox Pay, the transaction isn’t complete until you review and accept the request.
When you enable Automatic Payments, Fundbox will accept payment requests automatically on your behalf, saving you from having to log in to your Fundbox Pay dashboard every time you transact.
Automatic Payments can be turned on for some or all of the vendors you pay on Fundbox, and can be disabled at any time.
How does it work?
Every time a vendor requests payment from you on Fundbox Pay, you will receive an email notifying you of the vendor, the amount, and the memo for the transaction.
If you have Automatic Payments enabled for a vendor, this email will begin a two business day opt-out period during which you can review the request. If the request amount or memo is incorrect, or if you did not receive goods or services relating to the description in the memo, you can use this period of time to decline the payment request.
If you take no action during the opt-out period, Fundbox will accept the request on your behalf so long as you have enough credit available.
If you do not have enough credit available to cover the payment at the end of the opt-out period, the request will remain open in your Fundbox dashboard. You can then choose to accept it manually at a later time when you have more credit available.
Any time a request is accepted automatically on your behalf, you will receive an email notifying you of the payment.
How do I enable Automatic Payments for a Vendor?
To enable Automatic Payments for a vendor, log in to your Fundbox Pay dashboard and head to the Vendors Tab. Next to each vendor you pay on Fundbox, you will see a button that says Enable Auto Payments. Click this button to enable Automatic Payments for that vendor.
Don’t remember if you’ve enabled Automatic Payments for a vendor? Look at the Requests Accepted column on the Vendors Tab. If Automatic Payments are enabled, the Requests Accepted column will display Automatically. If Automatic Payments are disabled, the column will display Manually.
You can click the Disable Auto Payments button next to a vendor’s name at any time to disable Automatic.