Payment Lifecycle Automations

  • Updated

This reference article explains what happens when a payment is not claimed, processed, or successfully completed within the designated timeframe. Use this information to understand when payments are automatically refunded or should be reissued (by the customer).

 

Check Payment

Important Note: Finexio does not issue a USPS tracking number, when issuing/sending supplier checks. There is a Finexio Payment Reference trace ID (for internal tracking purposes) assigned, for all checks issued.

Item Details
Live Period 90 days 
Payment Processing/Expected Delivery Time
  • Day 1 - 4: Processing by Finexio and mailed.
  • Day 5 - 90: Expected Delivery time to supplier via USPS.*

*Delivery time may vary due to factors (e.g. USPS schedule and holidays). Finexio only has visibility of when the payment is mailed by their printing partner and when the payment is cleared by the bank.

Note: Auto-reissues as a printed check, can take 1–3 business days to be mailed to the supplier. However, the delivery time may vary due to factors (e.g. USPS schedule and holidays).
Trigger 90 days have elapsed, since the check was issued.
Automated Action Payment is automatically refunded to the customer.

 

Virtual Card

Item Details
Live Period 30 days
Payment Processing/Expected Delivery Time
  • Day 1 - 2: Processing by Finexio
  • Day 2 - 4: Expected Delivery time to supplier via email*.

*Delivery time subject to receiving financial institution’s processing rules and schedule.
Trigger 30 days have elapsed, since the virtual card was issued.
Automated Action

Payment is automatically reissued, as a printed check to the suppler. Utilizing the remittance address on file.

Note: Printed check delivery processing begins automatically and may take 1 to 3 business days.

 

ACH Transfer

Item Details
Live Period Not time-based.
Payment Processing/Expected Delivery Time
  • Day 1 - 2: Processing by Finexio
  • Day 2 - 4: Expected Delivery time to supplier via ACH*

*Delivery time subject to receiving financial institution’s processing rules and schedule.

Note: Once an ACH payment is in the processed state, Finexio is unable to stop or reverse the transfer. ACH payments involve a bank-to-bank transfer. Once the transaction has been initiated and the funds have left the originating account, Finexio is unable to recall the payment.
Trigger

ACH payment is returned by the supplier's bank.

Note: The supplier will be notified to update their banking information. If the ACH payment is returned.
Automated Action

Payment is automatically reissued as a printed check to the address on file.

Note: Printed check delivery processing begins automatically and may take 1 to 3 business days.

 

Card by Mail

Important Note: Finexio does not issue a USPS tracking number. There is a Finexio Payment Reference trace ID (for internal tracking purposes) assigned.

Item Details
Live Period 25 days from the mailed date.
Payment Processing/Expected Delivery Time
  • Day 1 - 4: Processing by Finexio and mailed.
  • Day 5 - 90: Expected Delivery time to supplier via USPS*

*Delivery time may vary due to factors (e.g. USPS schedule and holidays).
Trigger 25 days have elapsed, since the card was mailed.
Automated Action

Payment is automatically reissued as a printed check.

Note: Printed check processing begins automatically and may take 1 to 3 business days.