Organisations require a vendor's payment details to streamline and expedite the payment process for services rendered. This enables them to maintain accurate and comprehensive financial records while effectively managing their relationships with suppliers. Additionally, it ensures compliance with regulatory requirements and provides a verifiable record of vendor payment details. Centralising payment details reduces the reliance on manual data entry, minimises errors, and enhances overall efficiency in managing vendor payment details.
By filling out the Payment Details section on Felix, you can specify your preferred bank account information for receiving payments from the organisation. After submitting your details, each organisation will verify the payment details you provided.
Payment details are created against an individual organisation and can't be shared between organisations.
When onboarding for the first time as a new vendor to an organisation, you'll need to create a new set of details.
If you're an international vendor, you'll be asked to provide a SWIFT code or an IBAN.
To create payment details in Felix, perform the following steps:
- Navigate to Dashboard > Payment Details.
- Click Add New Payment Details.
- Update the following fields:
- Organisation to assign to - This is prefilled by default and can be configurable by using the dropdown.
- Bank Account Country - This is prefilled by default and can be configurable by using the dropdown.
- Bank Account Currency - This is prefilled by default and can be configurable by using the dropdown.
- Account Name (Payee)
- Financial Institution Name
- Financial Institution Contact
- Click the Add Banking Details button and select from the options.
- For Domestic Routing Details, update the following fields:
- Preferred Payment Method - Select whether you prefer EFT or BPAY.
- For EFT, enter your BSB Number and Account Number in the fields provided.
- For BPAY, enter your BPAY Biller Code and BPAY Customer Reference Number (CRN).
- Supporting Documentation - Attach the documents in the dropzone link.
- (Optional) Additional Comments to Client
- For Accounts Receivable/Remittance Advice Contact, provide the details of the contact person to ensure accurate processing and crediting of the payment.
- First Name
- Last Name
- Email
- Phone Number
- For International Routing Details, update the following fields:
- Select whether you prefer SWIFT-BIC or IBAN for the payment method.
- For SWIFT-BIC, enter your SWIFT-BIC code, Account Number, and Additional Branch Code (optional).
- For IBAN, enter your Account IBAN.
- (Optional) Optional Reference - This is an optional field where you can include specific information related to the payment that can assist the organisation in accurately processing and crediting the payment.
- Click the Add Another Row (Optional) button for additional reference.
- Supporting Documentation - Attach the documents in the dropzone link.
- (Optional) Additional Comments to Client
- For Accounts Receivable/Remittance Advice Contact, provide the details of the contact person to ensure accurate processing and crediting of the payment.
- First Name
- Last Name
- Email
- Phone Number
- Click the Submit Payment Details button.
Once you have submitted a set of payment details and they've been reviewed, you'll receive a notification as to whether they've been approved or declined by the organisation.
Supporting Document requirements are set by each organisation. If you're unsure what to provide it's best to reach out to the organisation for assistance.
- You can add multiple bank account details together with your application.
Once the payment details are submitted, changes cannot be made at a later date. A new set of payment details will be required to incorporate the updated information.
Felix has a High-Risk Activity notification which will alert organisations when a vendor has updated both their password and payment details within a short period which may indicate an unusual or suspicious activity.
