Payments Overview

Modified on Thu, 07 Sep 2023 at 10:14 PM

Summary: This article reviews all the payment methods available in Centime. 


Overview

Centime offers several payment types within the payables solution. Broadly they are broken into two categories:

  1. Native. These payment methods will execute a payment from Centime and send it to your supplier (e.g. check, ACH, Buyer Funded Card, Centime Credit Card)
  2. Manual. These payment methods will not execute a payment but are meant to assign a payment type to an invoice that was paid outside of Centime for accounting purposes (e.g. Cash, PayPal, Card on file, etc.)

Native Payments

To activate native payment types on Centime, you should follow the specific instructions for each payment method. Once those steps are complete, you can individually enable payment methods in Payment Settings globally and also in the Supplier Profile for an individual supplier.

1. Check

To send check payments, you will need to connect a financial institution and configure the account in Centime. From there, you can select check as a payment method for a supplier. Check payments scheduled before 11 AM ET will be printed and sent to the Supplier on the same business day. Otherwise, it will be processed and sent to the Supplier on the next business day. Please see Check Payments for more information

2. ACH

To use ACH, you will need to complete the ACH payment application. When ACH is initiated through Centime, the payment will come from the checking account you have configured. For ACH payments, payments scheduled to be processed on the same day will take 4 business days (to credit the Vendor account) if approved before 2 PM ET. If not approved by 2pm ET, it will take 5 business days. Please see ACH Payments for more information. 


3. Buyer Funded Card

Buyer Funded Card is a payment method that allows you to pay with your credit card, but for your supplier to receive that payment via ACH. This is useful for cash float purposes. Essentially, Centime will charge your credit card and send your supplier an ACH payment. Please see Buyer Funded Card for more information. 


5. Centime Credit Card

To utilize Centime's virtual card, you will need to complete the CentimeCredit payment application. Once approved, you will have one credit line for both Centime Credit Card and Centime Credit Line. Centime Credit Card is a virtual card that gets paid automatically on the due date from your checking account. See Centime Credit Card for more information. 


Manual Payments

Manual payments are payments that you make outside of Centime. These are configured by navigating to Settings > Payables > Payment Settings. In the Other Payments section, you can add as many manual payment types as you require. 

Click on the pencil icon to edit this section. Once in edit mode, you can configure existing manual payments and their corresponding GL accounts or add new payment methods from the dropdown.

Once your payments are configured appropriately, click the Save button. The payment methods will be available on the Supplier Profile for selection under "Other." 





 





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