Payment Processing
Gravity offers various methods for processing vendor payments tailored to user-defined payment types. These payment types integrate bank accounts, vendors, and export file definitions within the payment processes in Select Payments or Payment Maintenance.
In accordance with the designated Payment Type, Gravity is capable of establishing the subsequent payment processes:
- Printing paper checks
- Direct ACH Payments
- Generating export file batches for banks to facilitate their internal bill pay services.
Gravity also has the ability to work with outside payment services and products.
- Collaborating with bill pay services such as Bill.com
- Printing Checks on plain safety stock with MICR lines.
Payment Types can be created to represent the payment methods companies will be using. Payment types include:
- Check - printed paper checks using pre-printed forms or plain check stock (MICR)
- Direct ACH - payments staged in Gravity and sent electronically through the North American ACH network
- Payment Export files - files generated specifically to an individual banks requirements.
- Note: A Payment Export File Definition must be tied to a Payment Type
To print paper check Gravity first produces a PDF report of the checks to be printed. The PDF report is than printed to a printer and on to the check stock. This process allows Gravity to have better control of the alignment to the form.
See Printed Check Formats for more information on this process.
By utilizing the PrintBoss application, Gravity now has the capability to print payments on plain safety stock. This eliminates the necessity of buying preprinted forms for every bank account. The process is comparable to printing on preprinted forms, as a PDF is generated from Gravity with additional payment information and then printed to the PrintBoss driver to generate the bank and form details.
See Gravity PrintBoss for more information.
Gravity can process payment directly through the ACH network that is available in the USA and Canada. Using the Payment Type "Direct ACH" a batch of payments can be created and electronically send to vendors. Upon completion of processing the batch of payments the user will be prompted to email vendors vendors payment remittances identifying that a payment has been processed and what vouchers have been paid. See Direct ACH Payments.
Gravity has the capability to synchronize AP transactions and payments with Bill.com, enabling the service to facilitate vendor payments. Bills can be initiated either in Gravity or Bill.com. It is important to note that Gravity will continue to serve as the primary Accounts Payable Register.
See Bill.com for more information.
Numerous financial institutions provide cost-effective or complimentary bill payment services. To utilize these services, it is typically necessary to establish the vendor on the bank's online platform and input the vendor's banking details, such as routing and account numbers. This procedure usually entails entering the payment information twice, once on the bank's platform and again on the accounting system. If the bank permits the submission of a file containing the vendor and payment information, Gravity has the capability to generate the file for uploading.
Upon the completion of the file creation, Gravity will prompt to send an electronic remittance advice to each vendor. This advice will inform the vendors that they will be receiving electronic payments and will outline the bills that have been paid.
See Payment Export File Definition for information on setting up specific bank formats. Export format definitions are tied to individual Payment Types.
The file will be attached to the summary tab under the Timeline block.