Payments allows your Organization (entity) to send and manage outgoing payments to LPs, investors, and other payees effortlessly and seamlessly.
Payment Types
There are several ways to send outgoing payments to recipients, depending on how you'd like the recipient to receive the funds:
Digital VeriPay Payment - A VeriPay Payment sends funds to the recipient's Verivend Digital Wallet. This provides the most secure transfer of funds since the recipient enters their own bank information when retrieving the payment.
Digital Direct Bank Payment - A Direct Bank Payment sends funds directly to the recipient's bank account via ACH. The sender is required to enter the recipient's bank information for where the funds will be sent.
Paper Check Payment - A Check Payment sends a physical paper check to the recipient. The sender is required to enter the recipient's mailing address for where the paper check will be sent.
Digital Payment Statuses (VeriPay & Direct Bank Payments)
Draft
The payment has been created but it has not yet been sent to the Recipient. When the payment is sent to the Recipient, the status changes to Pending.
Pending
The payment has been sent but it has not yet been viewed by the Recipient. A view is counted each time the Recipient accesses the payment from their Verivend account. When the payment has been Viewed one or more times by the Recipient, the status changes to Viewed.
Note: the Sender has the ability to cancel the payment until the Recipient has accepted it. Canceling a payment immediately removes the payment from the Recipient and returns the funds to the Sender's digital wallet.
Viewed (VeriPays only)
The Recipient has viewed the VeriPay but has not yet accepted the payment. When the payment has been accepted by the Recipient, the status changes to Accepted.
Accepted
The Recipient has accepted the payment and the funds are in the Recipient's possession.
Canceled
The Organization that sent the payment has Cancelled the payment, removing the payment from the Recipient and returning the funds to the Sender's digital wallet.
Closed
The Organization that sent the payment has Closed & Archived the payment. Closed payments are still viewable by the Sender and Recipient from within the Archives area. Please see Archives for more information on archived items.