Manage Funding Accounts

Funding accounts are the bank accounts BILL debits to fund your vendor payments. Use Funding accounts to review them in BILL's funding experience, which opens inside Financial Edge NXT. You can add, verify, set a default, and delete funding accounts without leaving Payment Assistant.

Note: Don’t see this yet? The ability to use BILL with Payment Assistant is currently in an Early Adopter Program (EAP) for some of our customers. Look for full support and general availability in a future release.

Funding Accounts, Account Links, and Your Billing Account

Payment Assistant with BILL involves three kinds of bank accounts, and each one has a different job:

  • Funding accounts — The bank accounts BILL debits to fund your vendor payments. You add and verify them with BILL. In Payment Assistant, you see them as BILL bank accounts when you link them to Financial Edge NXT.

  • Financial Edge NXT bank account links — The match between each BILL bank account and a bank account in Financial Edge NXT. Payment Assistant needs these links to process payments correctly. You create them in Payment Assistant, not in BILL.

  • Blackbaud billing account — The bank account on file with Blackbaud billing. You confirm it from Blackbaud billing settings, not in BILL, and it isn't one of your funding accounts.

Managing funding accounts changes which bank accounts BILL can debit. It doesn't change your links to Financial Edge NXT bank accounts or your Blackbaud billing account.

Prerequisites

  • Your organization processes Payment Assistant payments through BILL.

  • You started processing payments with Payment Assistant. Before then, add your funding accounts during BILL enrollment.

  • BILL completed its Know Your Client (KYC) review of your organization.

Steps to Manage Funding Accounts

  1. From Settings, Payables, under Payment Assistant, select Funding accounts.

  2. Wait for BILL to load your list of funding accounts.

  3. Use BILL's funding experience to add, verify, set the default for, or delete funding accounts.

  4. Select Close.

Verify a Funding Account

BILL verifies each new funding account, and only verified accounts can fund payments. You can verify an account with instant verification or, if you enter the routing and account numbers yourself, with a trial deposit. Learn more about how BILL verifies bank accounts.

For a trial deposit, enter the exact amount of the deposit in BILL's funding experience. If an account stays unverified, BILL sends a reminder email. If you don't verify it within 10 days, BILL cancels the trial deposit and removes the account.

Prompts from BILL

BILL can ask you to complete multifactor authentication (MFA) in the funding experience. After you complete MFA, BILL can remember your device for 180 days. BILL can also ask some users to complete a one-time identity verification before a new funding account can fund payments.

After You Add a Funding Account

To use a new funding account with Payment Assistant, link it to its matching Financial Edge NXT bank account.

After a payment uses a linked account, the link can't be changed. Review the Financial Edge NXT bank account you select before you save.

Funding Accounts Compared with Your Blackbaud Billing Account

Funding accounts and your Blackbaud billing account are separate. You manage funding accounts here, in BILL's funding experience. You confirm your Blackbaud billing account from Blackbaud billing settings, during the Verify your Blackbaud billing account step of onboarding.