Payment Types/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.

 

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.

 

Virtual Card by Mail

Used when supplier email contact is unavailable. Longer lead time.

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.

 

Virtual Card by Email

Note: Fastest delivery. Supplier processes card directly via email.

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. May take 1 to 3 business days, to be processed and mailed. 

 

Virtual Card by Phone

Note: Card information provided by Finexio Support team via phone to supplier, only. Supplier runs the payment during phone call. 

For security purposes, will Finexio will never leave card information on a voicemail.

Item Details
Live Period 30 days
Payment Processing/Expected Delivery Time
  • If the customer is on ACH debit, Finexio requests funding from customers bank account, they sit on funds for 2-3 business days. Once settled, the payment is disbursed and the Finexio Internal Payments team calls the supplier to process payment.
  • If customer is on Reverse Wire, the payment is disbursed the same day. Anything before 11am will begin dispersing same day. A support case will be created for the Finexio Internal Payments team (same day in the afternoon or evening), to call the supplier to issue the payment.
Trigger 30 days have elapsed, the payment will be issued as a check via automation.
Automated Action

If Finexio is unable to reach the supplier, the payment is reissued as a printed check. Utilizing the remittance address on file. 

Note: Printed check delivery processing begins automatically. May take 1 to 3 business days, to be processed and mailed. 

Additional Information
  • Finexio will make attempts to process the payment within the 30 day period, by phone with supplier. The Finexio team typically processes payments within the first few days of payment disbursement. 
  • There is no fixed number of call attempts for card by phone. The Finexio Internal Payments Team alternates between phone and portal, as available. To issue payment to the supplier. 
    • If a payment cannot be completed, it is reissued as a check at that point; rather than waiting for the 30-day automated trigger.
  • If Finexio needs additional information (e.g. the supplier is unable to locate the invoice or requests details were not included with the payment from the customer). 
    • Finexio will create a Delayed Payment Alert for the customer. Allowing the customer to provide the information needed to proceed with the payment. The Delayed Payment Alert indicates that attempts have been made to process the payment and that additional information is needed to proceed.
  • If the Finexio team is unable to reach the supplier, a voicemail will be left requesting a callback (Note: For security purposes, will Finexio will never leave card information on a voicemail).
  • Customers can identify when a support case was submitted to the Finexio Internal Payments Team, to reach out to the supplier. By locating the supplier's payment (Locate Supplier's Payment Details) > under the Payment Event column the status will state "Sent" > and under the Payment Event Description column the status will state "Card Sent." 
    • When "Purchase" status in listed under the Payment Event column. This means the supplier received the card details from Finexio, processed the card and received the funds.