Can I add my vendor’s banking information on their behalf?

Some businesses on Forwardly have the option to add banking details for their vendors. This feature is generally available for businesses that are eligible for faster payment options, such as real-time or same-day ACH payments. 

How to add vendor banking information

If your business has access to this feature, you can add a vendor’s banking details in one of two ways:

Adding vendor banking information through the vendor profile

1. Go to Pay > Vendors.
2. Find your vendor on the vendor list, mouse over their business and click View.
3. Click Add Bank Details.
4. Enter your vendor’s banking information.
5. Save your changes. 

Entering your vendor's banking information does come with some risk, which will be brought up during the process. Luckily, you can always ask your vendor to confirm their banking information later. 

Adding vendor banking information during the payment process

1. When sending a payment, select the option to add banking information.
2. Enter the required banking details before completing the payment.

Important notes about adding a vendor's banking information

• The ability to add vendor banking information is not available to all businesses. If you don’t see the option to add vendor banking information on your vendor details page, your account may not be eligible at this time.
• You can always ask your vendor to add their own banking details. They won't need to create an account unless a payment is flagged for additional verification.
• Vendors can always choose to create their own Forwardly account to securely add and manage their banking details and securely track payments. 
• If you encourage your vendor to add their own banking details, make sure to let them know that Plaid banking verification is the fastest option for receiving payments. 

Why is there a small delay when I first add a vendor's payment information myself?

NACHA guidelines require us to ensure that a bank account is operating and belongs to the right person. This step is a one-time verification for each bank account manually added by anyone, whether it's you or your vendor. Since Forwardly is designed to support faster payment methods, which make fund reversal impractical in the event of a wrong credit, this means that we take extra steps to verify that the bank account information you've entered for your vendor is correct. 

Forwardly's compliance protocols are designed to put its users' safety and security at the highest priority. This verification doesn't just help Forwardly, but also protects your business against the loss of funds in the case of scenarios like typos, closed accounts, and the wrong beneficiaries. 

Is there a way to speed up the process?

If you're looking to cut down on the one-time bank verification period, you can always invite your clients to confirm their banking information themselves. This will give them the opportunity to verify their bank instantly using our trusted banking partner, Plaid. 

What if I have a lot of vendors?

If you have several vendors and you have the banking information for all of them, we can help you onboard all the information at once with our Express Migration portal. Simply submit a ticket to discuss the process with our team and we will help you get started.