EFT Sharing with Payment Assistant

When you onboard to Payment Assistant, you can opt-in to sharing your EFT vendor bank account details. From the Getting Started with Payment Assistant page or from Payables, Settings, under Payment Assistant you can Allow EFT sharing .

Tip: EFT details are shared only one time for the set up of the vendor's Payment Assistant payment method.

Payment Assistant always reaches out to the vendor and allows the vendor to choose their preferred payment method. If the vendor chooses ACH, the EFT details you shared are used for the one-time setup.

Note: If the vendor is an individual person and you elect to share EFT information, they will be automatically enrolled in ACH without contact.

For organization vendors, they first offer the fastest and most secure form of payment, virtual cards. If a vendor does not prefer virtual cards, Payment Assistant then offers ACH, a payment method without the delays of a printed check. If a vendor chooses ACH, Payment Assistant uses the EFT details you shared to set it up. If you don't choose to share EFT details, Payment Assistant requests the EFT details directly from the vendor.

Tip: If the vendor needs to update their EFT details and they are enrolled in Payment Assistant, they need to contact the Payment Assistant team at REPAY with the new info. Failure to do so may result in delayed payment and possible loss of funds. To contact REPAY, call 801-679-6044 or 801-762-8772, or email payableshelp@repay.com.

Lastly, if a vendor does not want to use virtual cards or ACH, Payment Assistant sends a physical check, which may take 7-10 business days to be received by the vendor.

If a vendor doesn't respond with their preference for payment with Payment Assistant, Payment Assistant will send checks until their enrollment is finalized. We do not share EFT banking information until a vendor chooses ACH as their payment method of choice for Payment Assistant.

If the vendor chooses ACH as their payment method, in order to share EFT bank details with Payment Assistant for payment method setup, the vendor record needs to have the following information:

  • Name of vendor bank

  • Routing number

  • Account number

  • An email address with the Contact method type of "EFT email"

  • Payment method is set to "Electronic funds transfer"

Tip: To verify, from a vendor record select to edit the record and under EFT bank account, select to edit the Active EFT account.