Table of Contents:
- Set Up Payment Methods Using LF Pay
- Bank Account (ACH) Payment Method
- Credit Card Payment Method
LF Pay facilitates electronic payments directly to your Suppliers. All you need is a payment method, either a Credit Card or Bank Account Number, and the remittance information for your Supplier, their Bank Account Number, and Address. It’s quick, easy to set up, and secure.
Set Up Payment Methods Using LF Pay
LF Pay currently supports two payment methods: credit cards and Bank Account (ACH: Automated Clearing House, to learn more click here)
- Go to Administrator Dashboard.
- Select Company and click on the Payments tab.
- Click on Add Payment.
- Choose your payment method. You need to check either Card or Bank Account.
Bank Account (ACH)
- If you choose to pay using your Bank Account (ACH), you need to fill in the required fields: Name on Bank Account, Account type (Company or Individual), Account Number, and Routing Number.
- Once you have entered all your Bank Account Details, you need to verify your information.
- Click on Verify Account.
- LabFellows will automatically send two small deposits to your account to verify your Account and Routing Number.
- Enter the Micro Deposits amounts and then click on Verify Deposits.
- The deposits take 1-2 business days to appear in your bank statement, please relay these amounts back to us once received.
Credit Card Payment Method
- If you choose to pay with a Credit Card, you need to enter your credit card information, such as Account Holder Name, Card Number, Expiration Date, CVC (last three digits on the back of your card), and Zip Code.
- Click on Add Card.
Now, we’re ready to set up a payment profile for your Supplier!
Supplier Payment Profile
- Connect with your Supplier’s remittance or payment point of contact.
- You would need to let them know that you would like to start paying invoices through EFT and ask for their remittance information.
- The Supplier should provide you the following:
- Contact (Name, Email, Phone Number)
- Tax ID (EIN or similar)
- Bank information (Routing #, Account #, Account Holder Name)
Once you’ve received the information from your Supplier, you are ready to begin.
- Go to Administrator Dashboard and select Suppliers.
- Find your Supplier. If you cannot find a supplier, you can quickly create its profile and enter their account information. Learn more here. (link to Suppliers article)
- Now we’re ready to enter your Suppliers' payment information.
- Once you’ve entered your supplier’s payment information, click Save.
- An email will be sent to the email address you listed above under Contact. This is an important step; the USA Patriot Act of 2001 requires all recipients of financial transactions to identify themselves. But not to worry, we’ve made it extremely easy for your suppliers.
- They will receive an email letting them know that you would like to use LF Pay to pay their invoices faster, all they need to do is click on Accept Invitation, and we’ll take care of the rest.
- Once your supplier clicks on Accept Invitation, they will see a confirmation screen.
Now you can send your first electronic payment!
Make a Payment
The first step in making a payment is to find an invoice to pay. If the invoice doesn’t exist on the platform, you can create the invoice. Learn more here.
- Go to the Lab Manager Dashboard and select Invoices.
- Once you’ve found the invoice click on it to be able to pay the invoice.
- Click on Pay Invoice at the top right corner.
- You will get a popup screen, you need to select the payment method or credit card that you would like to use to pay that invoice.
- Once you’ve selected the payment method click on Pay Invoice.
- That’s it! You have paid your invoice.
- Now you can even view the list of the payments you’ve made.
- Go to LabManger Dashboard and click on Payments.
- You will get a view of all the payments made within our platform.
- You will have a quick view of how many payments you’ve made and the total amount paid.
- You can also use the filters option at the top right to filter by a period of time, invoice number, and paid by.
- If you would like to have the same view every time you enter your workspace, you can click on Save Filters or Cancel them to clear them and see all the columns.
Let’s review some FAQ’s so we’re all on the same page:
Q. What is ACH?
ACH, which stands for Automated Clearing House, is a method of payment often described as an electronic check. It requires you to provide your bank account number and routing number so that funds can be debited directly from your bank account, rather than using a credit or debit card. ACH transactions are routed through extremely secure networks, so there is rarely a security issue. The advantage of using ACH transactions is that the fees are very low. When you use LFPay, there is no processing fee for ACH transactions (although convenience fees do apply). This is in contrast to the 2.9% processing fee charged by major card networks to process credit card transactions.
Q. What is EFT?
- EFT stands for Electronic Funds Transfer and is the process of electronically moving funds from one bank account directly to another. Therefore, the ACH payments described above are a subcategory of EFT. Whether you pay by credit card or ACH, LFPay uses EFT to transfer funds to your provider's bank account. This is important because many providers do not support credit card payments or have an upper limit on the volume or amount of such transactions. With LFPay, you have the convenience of paying with your preferred payment method (credit card or ACH), while assuring your providers that payment will be made quickly to them via EFT.
Q. Is the Payments feature free to use?
- Yes, the Payment feature is completely free to use. However, we do assess a 4% convenience fee for any payments made through the platform. Additionally, you need to be aware that card networks will assess a 2.9% card processing fee if you choose to pay via credit or debit card - you are responsible for this fee as well.
Q. Do you charge any fees to the suppliers?
- No; LF Pay is completely free to the vendors. The entire payment amount will be made available to them electronically, without anything being deducted. Many vendors will decline to accept electronic payments unless you are able to provide them the assurance that your payment system will not assess any fees to them.
Q. Is there a recommended payment method?
- LF Pay supports two types of payment methods - charge cards (credit and debit cards) and ACH (electronic checks). As mentioned above, there is an additional processing fee assessed by card networks whenever you pay by card. For this reason, we encourage you to pay through ACH (electronic checks) as much as possible; your payments will be just as fast and secure, and you will not have to incur additional processing fees. Of course, for convenience, you can always pay using a credit or debit card.
Q. How are payments reconciled against an invoice?
- When a payment is made, we transmit it electronically with the account number (set up under Administrator Dashboard > Suppliers) and invoice ID. Suppliers use these two pieces of information to link the payment to a specific invoice. So, it’s important that you have the correct account number and invoice ID set up before you pay an invoice.
Q. Who has access to setting up methods of payment?
- Only administrators can create or delete methods of payment. We’ve done this so you can standardize across your entire organization easily. If you want all your users to pay through ACH, or to use a specific corporate card, you can easily set this up.
Q. Who has access to pay invoices?
- All Administrators and Lab Managers can access and pay invoices.
Q. Can I set up a separate method of payment per group or project?
- This is possible through a paid subscription to our API. If you’re interested, please contact us at email@example.com for more details.