Once you have [me] Bill Pay set up with at least one checking account, you can then add a credit card to be able to pay your vendors!
The Pay by Card feature allows you to use your own credit card to pay your bills through [me] Bill Pay. It gives your business flexibility while managing your accounts payable! Defer payments, earn rewards, and keep your vendor payments on time. Payments made by card are secure, fast, and sync to your accounting system for easy reconciliation.
Note: Currently credit card payments can only be made from within the web app (not the mobile app) for customers within the United States. If you utilize our Company-wide Bill Pay feature, credit card payments are not accepted. For more FAQ questions, see this article.
Setup
1. In Bill Pay > Setup, click on "Add credit card"
If you don't see this button, then you will need to complete your Bill Pay Setup.
Additionally, this can also be accessed straight from the Bill Pay Invoices screen!
Select the invoices you want to pay with a credit card and click "Review & Pay from" and click "Credit card" to add one!
2. Add credit card details
There will automatically be a Payment Account created and a category created to track the fees.
Don't fret, MarginEdge doesn't store any of this data ourselves, but it is encrypted and sent to our secure third-party processor.
3. Set up your Accounting Mappings
This will allow you to export the payments and the fees to your accounting system. If you are in a hurry to make a payment, you can skip this and finish later, but the data will not export to your accounting system until this is completed!
Make a Payment!
If a vendor has the electronic payment icon by their name, then they can be paid immediately with your credit card.
Similar to making any [me] Bill Pay payment, you will select the invoices you want to pay and then click "Review & pay from". Select the credit card you want to use and review your payment.
On the next screen, you will see on the top a summary of charges, including the dollar amount that will be charged for the flat 2.99% processing fee. (Learn more about that here.)
You can edit the memo field and choose a confirmation email preference. (Credit Card payments cannot be scheduled for a future date.)
When you are ready, click "Confirm Payments"!
This payment will be delivered to the vendor within 2-3 business days.
How Will These Charges Appear?
On your Credit Card
- Each vendor payment will show as a separate charge on your credit card statement. The charges will appear on the credit card statement as “MarginEdge Bill Pay”
- All MarginEdge fees will shown as one charge for the total fee to be collected.
- These charges will likely show as pending almost immediately, officially posting within 1-2 days.
In MarginEdge
>> Bill Pay > Payments
- You will see one line item payment per vendor paid.
When you click on the link in the "Payment Status" column, you can see the details including account used, arrival date and any associated fees.
- You will see a second line item charge to the vendor "MarginEdge" to show the credit card fees. Similarly, you can click in to view the details. These credit card fees are automatically added as category totals on a new invoice. In the "Description/Memo" field there will be a reference to this invoice, starting with the prefix "mecc:"
>> Orders
After an invoice has been paid with a credit card, there will now be a new invoice created for you with the credit card fees.
From your Orders screen, you can open any invoice with the vendor "MarginEdge" to see the line item. Here you'll see that there's a new category called "ME Bill Pay Credit Card Fees" for these charges.
>> Controllable P&L
Now on your P&L you will see a new category for the credit card fees. This will automatically fall under your "Expenses".
>> Payment Accounts
Here you will see the new Payment Accounts created for each credit card you added. Bonus - here you can map these accounts to your GL accounts so they will export correctly!