MENU
    Getting started with R365 Payments
    • 19 Jul 2024
    • 6 Minutes to read
    • Dark
    • PDF

    Getting started with R365 Payments

    • Dark
    • PDF

    Article summary

    This article is part of the R365 Payments Service training and explores management of bank accounts, vendors, and legal entities before, during, and after the switch to R365 Payments.

    When getting started with R365 Payments, it is crucial to update the bank account and vendor records that will use R365 Payments. Work with your R365 Payments Specialist to ensure this process is completed accurately.


    Prerequisites

    Complete the following steps to initiate the service:

    1. Complete an initial review of all Vendor records - When R365 Payments is enabled, the Payment Method is automatically updated to R365 Payments for all vendors with the completed required fields. For this reason, it is necessary to review all vendors prior to enabling R365 Payments. For more information, see Updating Vendors.

    2. Sign up for R365 Payments - Complete the sign-up process with your CSM to enable R365 Payments for your organization and begin enrolling vendors in the new process.

    3. Set up email notifications - On the Payments tab of System Preferences, enter the contact information for the key individuals who should be notified if any payment issues occur.

    4. Enable R365 Payments for legal entities - Work with your R365 Payments Specialist to complete the R365 Payments section on legal entities that will use this service.

    Once you have completed these prerequisites, you are ready to get started. Rely on your R365 Payments Specialist throughout the onboarding process. They are here to help you and ensure your success!


    R365 is committed to putting power in the hands of our customers. That's why we have partnered with Meow.com to provide a faster, easier, and more hands-on approach to identity verification. 

    To set up a new legal entity with R365 Payments, complete the verification form at https://restaurant365.meow.com/. This form checks the validity of the business, legal entity, and the legal identity of the person completing the form. This process, known as Know Your Business (KYB) is a crucial step in modern fraud prevention practices.

    For a complete walkthrough of this process, see Self-Service Onboarding and Verification.


    Updating bank accounts

    Update each Bank Account record with the information necessary to use the bank account with R365 Payments or exclude the bank account from using this feature.

    To complete setup, all bank accounts must be updated. If a bank account will not be used with R365 Payments, select the Exclude from R365 Payments checkbox to complete the requirement for that account.

    Enabling R365 Payments for a bank account

    1. On the Bank Account record, ensure that the following fields are correctly filled out:

      • Account Owner

      • Bank

      • Account Type

      • Bank Account Number

      • Routing Number

      • Bank Name (on Check)

    2. Save the Bank Account record.
      The bank account is successfully set up for use with R365 Payments, and the requirement is met.

    3. Repeat these steps for all bank accounts to used with R365 Payments.

    If the Account Owner is not set up to use R365 Payments, contact your R365 Payments Specialist to enable R365 Payments on the Legal Entity record.

    Excluding a bank account from R365 Payments

    1. If a bank account will not be used for R365 Payments, select the Exclude from R365 Payments checkbox on the Bank Account record.

    2. Save the Bank Account record.
      The bank account is excluded from being used with R365 Payments, and the requirement is met.

    3. Repeat these steps for all bank accounts that will not be used with R365 Payments.

    Viewing the R365 Payments setup status of a bank account

    • On the Bank Account record or on the Payments tab of System Preferences, locate the Status field to view the current setup status.
      The status will be one of the following:

      • Pending Account Setup - The user must complete the required fields for one or more vendors and/or bank accounts. Additionally, the user needs to add Payment Users on the Payments tab of System Preferences.

      • Pending Account Verification - All required fields are complete and ready to be verified. 

      • Enabled - All required fields are verified and payments are ready to be sent.


    Updating vendors

    When R365 Payments is enabled, the Payment Method is automatically updated to R365 Payments for all vendors with the completed required fields. For this reason, it is necessary to review all vendors prior to enabling R365 Payments. After R365 Payments is enabled, a second review should be performed so that any vendor that was missed can be manually set up, and any vendor that should not be included in R365 Payments can be excluded.

    Before enabling R365 Payments

    1. Ensure that the following fields are completed on the General tab of the Vendor record:

      • Name

      • Payment Terms

      • Address

    2. Save the Vendor record.

    3. Repeat these steps until all vendors have been reviewed.

    During the switch to R365 Payments

    For all vendors with the Name, Payment Terms, and Address fields completed, the Payment Method automatically changes to R365 Payments when R365 Payments is enabled. The Payment Method can be viewed on the Vendor Additional Info tab of the Vendor record

    Our R365 Payments Specialists will contact each vendor that has been set up with the R365 Payments Payment Method to determine the best way to pay the vendor. R365 Payments can print and mail physical checks, pay by virtual credit card (vCard), or initiate an ACH. We will select the optimal payment delivery method depending on the needs of the vendor and the best method to save you money.

    After enabling R365 Payments

    The final step in setting up the R365 Payment Service is to review and confirm that the desired vendors are set up for R365 Payments. The Payment Method defaults to R365 Payments for any vendors who are set up after R365 Payments is enabled if the required fields (Name, Payment Terms, and Address) are filled out on the General tab of the Vendor record. If these fields are not filled out, the vendor must be set to R365 Payments manually.

    If a vendor who will be paid using R365 Payments was missed prior to R365 Payments being enabled, complete the following steps:

    1. On the General tab of the Vendor record, ensure that the following fields are completed:

      • Name

      • Payment Terms

      • Address

    2. On the Vendor Additional Info tab of the Vendor record, check that the selected Payment Method is R365 Payments.

    3. Save the Vendor record.

    4. Repeat these steps until all vendors have been reviewed.

    If a vendor will not be paid through R365 Payments, do the following:

    1. On the Vendor Additional Info tab of the Vendor record, select the Exclude from R365 Payments checkbox

    2. Save the Vendor record.
      Additional required fields are removed from the Vendor record, and the vendor is excluded from being paid by the R365 Payments service.

    3. Repeat these steps for all vendors that will not be paid using R365 Payments.


    After enabling R365 Payments

    Reach out to your Sales Representative for assistance with adding a new legal entity after enabling R365 Payments. If you do not have contact information for your Sales Representative, contact R365 Support for assistance. Your Sales Representative will work with you to complete the underwriting process and will activate the legal entity for use with R365 Payments.


    Awaiting Verification

    Once these steps have been completed for each bank account and vendor, the setup Status will be updated from Pending Account Setup to Pending Account Verification on both the Payments tab of System Preferences and the Status field on the Bank Account record.

    Once the updates are verified, R365 Payments will be enabled! Until then, learn how to Pay Your Vendors via R365 Payments.


    Was this article helpful?