2.10.7.2.6. AvidPay Payment Methods & Terminology
There are 4 types of payment methods:
AvidPay Check
Payment made to the supplier via an actual check which is mailed via USPS.
AvidPay Direct
An electronic payment made directly into the supplier’s designated bank account. Can be referred to as a direct deposit or ACH payment.
Virtual Credit Card
An electronic payment to the supplier which can be received via (1) phone, (2) secure email address, (3) online vendor portal or (4) payment information delivered by fax.
e-Payment
An “internal company” electronic payment, such as an inter-company payment when one company or property reimburses another company or property.
NOTE: Each individual payment is listed on your bank statement along with the ACH debit made from your bank account to AvidXchange. Terminology:
PTA – Print to Avid, the printer driver used for printing AvidPay “checks” in Sage 300 CRE.
Prepaid Information Advice – An image of the AvidPay payment which automatically attaches to the payment record after a payment is sent to the AvidXchange network.
Proof of Payment – An image of the AvidPay payment which automatically attaches to the payment record after the payment has cleared the bank. Proof of payment is automatically attached to the invoice paperclip in Sage 300 CRE.