Overview
Bill payments on Volopay streamline the process of managing and settling vendor invoices efficiently. Once bills are uploaded and approved, they can be paid either automatically on predefined dates or manually by designated payment initiators, ensuring prompt and accurate financial transactions.
Paying scheduled and unscheduled bills manually
If you need to clear payments before their scheduled date, or if you need to pay an unscheduled bill, admins and payment initiators can easily handle this from the Bill Pay module.
Access the Bill Pay section from your Volopay dashboard.
Here you can view all scheduled and unscheduled payments.
Click the “Pay Now” button next to any bill to instantly process the payment. The payment status will update to 'processing', and once the beneficiary receives the funds, the status will change to 'paid'.
(Note: Automated payments need to be enabled; otherwise, manual intervention is required for each payment.)
Manual payments by payment initiators/admins
Payment initiators or admins have the authorization to manually initiate payments for all approved bills. This capability is crucial when payments need to be expedited prior to the scheduled auto-payment date.
Available payment methods for manual payment:
Pay Now: Direct payments from the company's main account ensure streamlined financial operations and are reconciled within the Volopay system.
Pay Outside Volopay: Conduct payments outside the Volopay platform as needed. Although these transactions are processed externally, they are still recorded on the Volopay platform and can be synced with your accounting software.
Adding or removing a payment initiator
Click on Settings.
Select 'Add payment initiator' then click on Edit.
Add or remove users as needed.
Save to apply the updates.
Handling failed payments
If a bill payment fails for any reason, it can be swiftly retried:
Start by accessing the Bill Pay section from your Volopay dashboard.
Click on the 'Payments' tab to view all transactions.
Filter or scroll to find the payments marked as 'Failed.'
Next to each failed payment, you'll find the 'Retry Payment' option. Clicking this will initiate the process to resend the funds.
Impact of budgets on payments
The processing of payments is influenced by the allocated budgets for bill payments, whether set for the entire company or specific departments/projects.
Flexible Budget: Allows payments to proceed even if the budget is exceeded.
Non-Flexible Budget: Issues a warning and prevents the payment if the budget limit is surpassed.
For auto payments, transactions under a flexible budget are processed automatically, while those that exceed a non-flexible budget limit are halted.
Note: Payments executed 'outside Volopay' do not consume the assigned budget since these are managed externally and are not tracked within the internal budget system.