Bank account configuration
Before you start with the process, you have to make sure that your bank account settings are properly configured. To do so, go to your company settings and select Bank accounts in the menu. In the list of banks, select the bank account that you would like to use and send funds. Sign the Preauthorized Debit Agreement (PAD) and you are good to go.
It is possible to configure multiple banks and different bank accounts which will then be used to send funds.
Approval process
By default, every transfer that is processed by SimplePin al process where one or multiple approvers should receive an email invitation to review and approve the transfer. After the initial setup of the account, SimplePin automatically configures the approval workflow with at least one person responsible to approve outgoing transfers.
If you would like multiple approvers to review outgoing transfers, you can add them to the list and then save settings.
Note that you can configure the approval workflow in such a way that all of the approvers will require to approve the transfer. In this case, there are multiple options available:
- 1 person out of the list of defined approvers will approve the transfer
- All people in the list of defined approvers will approve the transfer
- Any number of people in the list of defined approvers will approve the transfer
Note, it is also possible to remove approval workflow completely.
Creating an outgoing transfer
On the left side of your SimplePin dashboard, select Transfers > Send funds
You will be presented with the form where you have to define all necessary parameters for the transfer:
- Transfer # - is the unique transfer id registered in your ERP, CRM or bank account.
- From bank account - this is your corporate bank account which will be used to initiate the funds transfer request from.
- Recipient - is the Customer's name. The person that will receive these funds from you. There are two options available to select the customer:
- you can select an existing customer that is already defined in your system by typing the 3 let ters of a customer's name (the autocomplete function will provide you with some options).
- If your customer does not exist, you can add a new customer by selecting the option Add new customer at the end of the list in the dropdown.
- To bank account - is the Customer's bank account where the funds will be placed. The customer's bank account could have multiple states:
- for newly created customers, there won't be any bank accounts configured and you can create one by entering the routing numbers manually. Note that
- for Canada, there will be an institution number, a branch number and an account number.
- Enter a new bank account to see how it will appear in the list.
- for the United States, there will be routing numbers and an account number
- for accounts that were just created manually, the bank account will be set with the state Not verified, which normally results in a higher cost of the transaction. The state of the account will change to Verified once the first transaction will be successfully processed and the bank account has verified.
- for a customer's bank account to be validated successfully as part of any transaction, the status will be reflected as Verified.
- If you would like to send funds and allow the customer to define the bank account where to deposit funds, use the option Customer-defined option.
- Send on - defines when the transfer request should be initiated. There are two options available:
- The checkbox Immediately in status ON indicates that transfer process starts immediately after you click on the send button (or right after the approval is done by all of the transfer approvers)
- The checkbox Immediately in status OFF will give you access to schedule the request in order to start the transfer from your bank account
- Amount - the total amount you would like to be taken from your bank account
- Attachments - you can attach supporting documents to your transfer. Your customer will receive a confirmation email upon successful funds transfer.
- Notes or reason for transfer - You can specify any additional notes or information related to the transfer that you would like to add.
- Admin fees paid by allows you to define who will pay the fees associated with this transaction. There are multiple options available:
- by Customer - In this case, the cost of the transaction will be subtracted from the amount previously defined
- by Company - (default option), in this case, the cost of the transaction will be applied to your company account. Based on your preference, SimplePin can invoice you for transaction fees at the end of the reporting month or can collect funds automatically as part of the preconfigured deposit option.
- Share 50/50 - provides you with an option to split the transaction fees with your customer.
At this point you can save your transfer as a draft to send it later or send it immediately. If you click on the Send button, the process of the transfer starts and you will be redirected to a list of transfers with your transfer status reflected as In process.
Transfer process
Step 1. Approval email sent
The moment that the transfer is initiated, all of the defined approvers will receive an email notification with a request to validate the transfer.
Step 2. Transfer Approval or Rejection
The approver will click on the Review transfer button in the email and will be redirected to the form to approve the transfer. The moment that the approver clicks on the Approve button, the workflow goes to the next step. The approver also has an option to Reject the transfer.
Step 3. Funds taken from your Company account
When the transfer was approved, SimplePin takes the funds from your corporate account and transfers it your SimplePin account for clearance. In case of any error or insufficient funds, you will be notified during these steps.
Step 4. Fund clearance
Depending on your company plan and settings it takes between 6 to 48 hours to make sure that the funds successfully arrive to SimplePin's bank account. After this, they can be sent to the customer.
Step 5. Fund transfer to Customer
As soon as the funds are cleared, SimplePin initiates the transfer to the Customer.
Step 6. Transfer confirmation
As soon as SimplePin receives a confirmation from the bank that the instructions for the transfer have been accepted, SimplePin will send an email notifying the customer and the transfer initiator that the process is complete.
Note that SimplePin is using EFT and ACH protocols to transfer funds. That means that we are relying on bank network and processing schedules. You have to take into consideration that normally banks do not operate on weekends and public holidays. Please take this into account when sending funds to your customers as this is an urgent matter.
