This article is part of the R365 Payments Service training. Click here for more information on R365 Payments Service
R365 Payments is an added service (fee) to your R365 Subscription and requires you to work with your Account Representative to determine which of your Legal Entities and Restaurant Locations will be using the service.
- Sign Up for the R365 Payments Service - You will complete the sign-up process with your Account Representative, then they will enable the R365 Payments service in your R365 Database.
- Complete Legal Entity Underwriting - The R365 Payments Service requires underwriting to be completed on each Legal Entity to determine service eligibility. This process will be completed with the assistance of your Account Representative or your designated R365 Payments Specialist.
- Identify Stakeholders that will receive email notifications - Your R365 Payments Specialist will request the email address(es) of the key individuals in your organization that will be notified if an R365 Payment cannot be processed (due to an ACH error or being undeliverable to the Vendor)
Once you have completed the Prerequisites, you will be ready to get started on the Initial Setup of R365 Payments. Be sure to rely on your R365 Payments Specialist throughout the onboarding process as they are here to help you and ensure your success!
Step 1 - Setup Legal Entities
When R365 Payments is enabled in your Database, the 'R365 Payments' section will be added to each Legal Entity record. This section will be 'read-only' for you and all of your users.
Once a Service Agreement has been signed for the Legal Entity, your R365 Payments Specialist will check the 'Active' checkbox on this record, and enter the 'Buyer ID' value. When these two changes have been made to the Legal Entity record, each Bank Account that is owned by the Legal Entity is now ready to be setup with R365 Payments.
Step 2 - Bank Account Setup and Authorization
Open each Bank Account record that will be setup with R365 Payments and ensure that all required fields have been set correctly. If 'Legal Entity' and 'Account Type' are blank, make sure that these are updated to reflect the Legal Entity that owns the Bank Account, and the Bank Account Type. Additionally, make sure that the 'Bank Name (on Check)', 'Routing Number' and 'Bank Account Numbers' fields are all complete and accurate.
Bank Account Authorization through Micro-Deposits
To confirm Bank Account ownership, and to finalize R365 Payment Service Authorization, two separate micro-deposits will be made into each Bank Account that will be used in R365 Payments. These micro-deposits will be no greater than $1.00. Once the deposits have posted to your Bank Account, your R365 Payments Specialist will request that you provide both micro-deposit amounts for each authorized Bank Account. These amounts will be confirmed with the R365 Payments Service and once the values are validated, the Account will be authorized for Payment Creation.
See below for a description of each field, or refer to the Bank Account record for more information.
1) Legal Entity Selector - Select the Legal Entity that owns this Bank Account. In order for this Bank Account to be correctly setup as a source of funds for R365 Payments, the Legal Entity must also be set to 'Active' for R365 Payments, and the 'Buyer ID' must be properly entered on the Legal Entity record.
2) Account Type Selector - Select the Bank Account Type. Options include:
- ZBA (Zero Balance Account)
3) Bank Name (on Check) - Enter the Name of the Bank as you wish it to appear on any Printed Checks that are issued from this Bank Account through the R365 Payment Service
4) Routing Number - Enter the Routing Number for the Bank Account
5) Bank Account Number - Enter the Bank Account Number for the Bank Account
6) R365 Payments Status - The 'R365 Payments Status' field will indicate when the Account has been authorized for use with the R365 Payments Service. Statuses include:
- A Legal Entity Needs to be Assigned - The Bank Account record does not have a Legal Entity selected. If you just set this value, make sure you save the record to update the R365 Payments Status
- Pending Service Agreement - The Service Agreement has not yet been signed, and the Legal Entity has not been marked as 'Active' by your R365 Payments Specialist (see Step 1)
- Pending Account Verification - Micro-deposits have not yet been verified on the Bank Account
- Enabled - The R365 Payments Service is Enabled on this Bank Account and you can proceed to pay your Vendors
Make sure to save the record after you make these updates. Once all Bank Accounts that will be used for R365 Payments have been updated, contact your R365 Payments Specialist to confirm that your Bank Accounts are ready for Bank Account Authorization.
Step 3 - Vendor Setup
The final step in setting up the R365 Payment Service is to update the Payment Method (and any other relevant settings) on each Vendor that will be paid via the R365 Payments Service.
Vendor's that have been setup with the 'R365 Payments' Payment Method on the 'Vendor Additional Info' tab of the Vendor record, will be contacted by the R365 Payment Service to determine the best way to pay the Vendor. R365 Payments can print and mail physical Checks, pay via Virtual Credit Card Number (VCN), or initiate an ACH.
R365 Payments will setup the optimal payment delivery method depending on the needs of the Vendor and the best method to save you money. Continue updating your Vendor records until you are complete.
Once you have completed these steps for each Legal Entity, Bank Account, and Vendor that you will be using with R365 Payments, your setup is complete! You can now continue on to learning how to Pay Your Vendors via R365 Payments