Managing Preferred Payment Methods

Abstract

In SquareWorks Payments Automation, managing preferred payment methods ensures that vendor payments are processed accurately and according to organizational preferences. By designating a preferred method — such as ACH or Check — for a specific payee, administrators can control how each payment is routed and avoid manual selection errors during disbursement. This configuration is especially useful for businesses handling multiple vendors with varied payment needs, such as defaulting most vendors to ACH while maintaining check issuance for others.

This article outlines the process for setting a preferred payment method within Payments Automation.

Reviewing and Changing a Preferred Payment Method

Before you can ensure accurate payment routing, it's important to verify which payment method is currently marked as preferred for a given vendor. Payments Automation will use this preferred method when releasing payments. If you need to change the payment method prior to release, you can do so by changing the preferred payment method on the payee prior to release.

Follow these steps to review and manage Preferred Payment Methods:

1. Begin by hovering over the SquareWorks menu, then Automate, and clicking the Home tab:

   

2. Next, click the Payees option on the left to open the Payees list:

   

   Here, you will see all the payees you have imported:

   

3. To start the review process, click the specific vendor with multiple payment methods and locate the Payment Methods section:

   

4. To see which method is currently preferred, look for the label indicating the Preferred status next to the listed methods:

   

5. Once you've confirmed the current setup, click on the Payment Method that you'd like to switch to:

   

   It will open a new screen for the Payment Method Details:

   

6. To switch the preferred Payment Method, select the three-dot action menu ( . . . ) associated with that Payment Method, and click Set Preferred from the dropdown of the action menu:

   

7. After setting the new Preferred method, validate that the status label has successfully moved to your selected method:

   

   Note: Set the preferred Payment Method to match each payee’s expectations. When onboarding or updating a vendor, review and adjust as needed.

This concludes the process of Managing Preferred Payment Methods in NetSuite.