EFT Sharing with Payment Assistant

EFT sharing lets Payment Assistant use your existing vendor bank records to automatically set up ACH (Automated Clearing House) payments, instead of collecting bank details from each vendor. When you onboard to Payment Assistant, share your electronic funds transfer (EFT) vendor bank account details.

Select Allow EFT sharing from the Getting Started with Payment Assistant page, or navigate to Settings, Payables, under Payment Assistant.

How Vendors Are Enrolled

When you share EFT details, businesses and individuals are automatically enrolled in ACH payments if required information is complete.

When you create a payment run, each vendor shows an EFT sharing status. Vendors with complete, valid EFT details show as Ready. Vendors with incomplete or invalid details show as Not ready — select Not ready to update the vendor's EFT details without leaving the payment run.

Note: If a vendor chooses to use virtual cards with our payments technology partner, REPAY, they receive payments by virtual card instead.

If you do not share EFT details and the business vendor chooses ACH payments, Payment Assistant requests those details directly from the vendor.

If a vendor doesn't want to use virtual cards or ACH, Payment Assistant sends a physical check, which takes 7-10 business days to arrive.

Update Vendor EFT Details

When EFT sharing is enabled, the vendor's current ACH info is sent to REPAY each time a payment run is submitted. EFT updates in Financial Edge NXT are reflected the next time a payment run is processed for that vendor.

Tip: If EFT sharing is not enabled, the vendor must contact REPAY to update their details. To contact REPAY, call 801-679-6044 or 801-762-8772, or email payableshelp@repay.com.

Required Vendor Fields for ACH Enrollment

To share EFT details with Payment Assistant, the vendor record must include:

  • Vendor bank name

  • Routing number (9 digits, numbers only)

  • Account number (at least 5 digits, numbers only)

  • Account type (only checking accounts can be paid via ACH)

  • An email address with the Contact method type set to "EFT email"

  • Payment method set to "Electronic funds transfer"

Note: If a vendor's EFT bank account is set up for international ACH transactions in Financial Edge NXT, Payment Assistant doesn't enroll that vendor in ACH payments.

Tip: To verify, open the vendor record, select Edit, then under EFT bank account, select to edit the Active EFT account.