RFSPayments is an online payment solution for selection and payment of invoices, including electronic check payment and ACH payments.
3 Easy Steps to Pay Bills:
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Electronically Select Bills to Be Paid
The electronic batch creation tools allows users to select invoices to be paid by clicking on a drop-down menu that is pre-populated with all of their unpaid and approved invoices. These invoices have been carefully indexed, coded reviewed, and approved in RFSPayables.
PDF Invoice Review
A PDF report is generated for each batch, providing all of the batch and individual invoice details including; invoice number, vendor, invoice date, due date, amount due and an electronic link to view a digital copy of the actual invoice. This allows the individual approving payments to quickly—but thoroughly—double-check the validity of all invoices being paid.
Approval for Payment
After reviewing the selection of invoices to be paid, selected individuals can approve the payment batch. Increase control by various methods of payment, including:
- Traditional Check Run: Bills can be paid through a traditional check run for organizations that are not yet ready to pay all or any of their bills electronically. These companies can get the benefit of viewing all supporting documents in a customized PDF as they sign and release their checks. This is useful for tax payments that are not made electronically, or other payments that require physical checks.
- Electronic Check: Bills can be paid electronically through “Electronic Checks”. Electronic checks are checks that do not require a signature. After approval of payment, funds to cover these checks are debited from the organizations account in one transaction. Checks to these vendors are sent from an escrow account. Unlike other alternatives, full transaction history is maintained in your company’s accounting software. This simplifies the bank reconciliation process and leaves a transparent audit trail that’s easy for auditors to follow.
- ACH: RFSPayments will register your vendors to receive payments via ACH. Vendors get their funds in two days instead of five, and the cost to the company is less than half the cost of processing a check. All transactions can be tracked through the same system which simplifies the audit at year-end.
- Credit Card and Vendor Initiated Debits: The ability to run credit card transactions and vendor initiated debits through RFSPayments for approval.