Setting up Payment Methods
Payment methods define the way you wish to pay your vendors for a product or a service. The payment method can be assigned directly to the customer or vendor card, after which the payment method automatically will be assigned to the sales or purchase documents.
When setting up your bank accounts for Payment Management, multiple predefined payment methods supported by the given bank will be imported into the system. The imported payment methods must be used when paying your vendors using Payment Management.
After having completed the installation of Payment Management, the payment method defined on your existing vendors must be changed to a payment method supported by Payment Management, as the solution only runs with these payment methods. We recommend that you use the assisted Vendor Payment Information setup guide to update the payment methods on all existing vendors. For more information, see To set up vendor payment information.
The validation of a payment is based on the payment method definition specified on the purchase document, as the payment method settings and parameters are used by Payment Management to create a payment format that meets the requirements of the bank.
You can define default settings for your payments using the Payment Management supported payment methods. You can define default payment notification templates to use in accordance with the available payment methods, and specify how you wish to notify your vendors when using a given payment method. Furthermore, you can define which payment reference template to use for each of the payment methods, and specify a default payment method to be used with reference to a given country/region code.
To set up payment methods:
- Use the icon, search for Payment Methods, and then select the related link.
- Select the relevant payment method and edit the relevant information. Hover over a field to read a short description.
When selecting a payment method on the vendor card or on the purchase document, Payment Management is by default set up to only show the payment methods available for the country/region code specified on the selected balance account (company bank account).
To remove the payment method filter and get an overview of all available payment methods:
- Use the icon and search for Payment Management Setup and select the related link.
- Under the FastTab Purchase and Payments, in the Payment Method View field, select All.
If you need a payment method that is not available in the Payment Management default list of payment methods, your dedicated Continia partner should contact Continia, to investigate if the requested new payment method is applicable and can be added to the default list of payment methods. The advantage of the default Payment Management payment methods is that they will be maintained by Continia, ensuring that they are up to date with the requirements of the bank. If your Continia partner still needs to create a new payment method, Payment Management provides an assisted setup (described in the following guide) that guides you through the process of defining new payment methods.
- Use the icon and search for Payment Methods, then select the related link.
- On the Payment Methods page, in the action bar, select New > Create Payment Method.
- Fill in the fields in each step of the guide. Hover over a field to read a short description.
- In the first step of the guide, fill in the information that defines the new payment method (the fields marked with a red star are required and must be filled in to create the payment method).
- In the second step of the guide, fill in the settings used by Payment Management to map the new payment method to a Payment Management-supported payment method. Based on this information, you will be able to select a Payment Management-supported payment method.
- Finally, you'll be asked to save the new payment method. If you choose Yes the payment method will be saved in the system.
- When you've finished the setup of the new payment method you must choose Finish to save the settings and close the guide.
You have now created a new Payment Management-supported payment method.