Payments with MineralTree FAQs

A virtual card is a one-time use credit card payment sent through email. The email includes a 16-digit number, a CVV, and an expiration date. It can be processed like any other credit card transaction, except it can only be processed for the exact dollar amount specified in the email. Virtual cards also come with remittance information to communicate which AP purchase invoices are being paid.

Virtual cards provide the following benefits:

• Quicker access to payment funds

• Elimination of delayed or lost cheques

• Reduction of cheque printing costs

• Remittance information included in the payment

• Secure payment method delivered electronically

When you pay suppliers with virtual card payments, you receive a percentage of those payments back in rebates. These rebates are paid to you on an annual basis through ACH.

No, MineralTree will not change a payment method without your permission.

No, MineralTree does not charge a fee for suppliers who accept virtual card payments.

As part of the virtual card enrollment process, MineralTree verifies that suppliers being enrolled in virtual card payments do not charge fees back to you as part of their process. During enrollment, if a supplier responds that they charge a fee, MineralTree will not enroll them in virtual card payments.

In the event a supplier decides in the future to charge a fee upon payment, MineralTree will unenroll the supplier and notify you.

If a supplier does not accept virtual card payments, MineralTree remits payment through cheque or ACH.

Yes, MineralTree can enroll suppliers in their virtual card program at any time, assuming they meet MineralTree's criteria.

You can view the latest status of a virtual card payment from the history tab of the posted payment.

1. Go to Accounts Payable > All > Payments > Posted payments.

2. Find the payment for the virtual card and select View.

3. On the History tab, check the Electronic payment history.

   If a virtual card has been redeemed by the supplier, you'll see "Virtual card redeemed in full" in the description column.

   

Payment methods are determined based on the information provided by you for each supplier.

The following fields are required to subscribe a supplier to the payment service: Supplier name, Supplier address, Phone number, and Email address. With only this information provided, the payment method will default to cheque.

If, in addition to the required fields, you have the supplier's banking details such as bank account number and routing number saved, then the payment method will default to ACH.

If your payment optimization partner determines that a supplier accepts virtual card payments, and you opt to pay your supplier in this manner, MineralTree will default the payment method to virtual card.

You cannot change or customize the cheques that MineralTree sends to suppliers, including the information that appears in the memo field and cheque stub.

MineralTree will work with you and your suppliers to determine their preferred payment method during onboarding.

You can find the payment method that will be used by default on the Payment provider tab in the supplier record. The default payment method is displayed here as long as the supplier is Subscribed.

You can also create a custom report to see a list of preferred payment methods by supplier in Intacct.

To create a custom report, do the following: 

1. Go to Reports > Custom reports.

2. Select Add.

3. Select the relevant columns. We recommend adding the following:

   1. Under Supplier

      • Supplier ID

      • Supplier name

   2. Under Provider supplier

      • Provider name

      • Status

      • State

      • Preferred payment method

4. Save the report.

No, after you submit a payment, it cannot be recalled or stopped.

After the payment has been sent, you can void the payment in Intacct and reverse the transaction from an accounting perspective. Voiding the payment in Intacct does not stop the transfer of funds. You still need to issue a stop payment with your bank and resolve the payment with your supplier.

After a payment in Intacct is marked as Complete, do the following based on the payment method:

• Check: After the cheque is printed and sent, you can issue a stop payment directly with your bank and then void the payment in Intacct.

• ACH: After the ACH is processed and settled, you can request a resolution with your supplier through either a payment back to you or by issuing a supplier credit. Depending on the resolution option, you can void the payment in Intacct, or keep as-is in the case of a supplier credit.

• Virtual card: After the virtual card is processed and sent, you can request Intacct support to cancel the payment. These requests are then filed with MineralTree support. After MineralTree confirms that the card was canceled, you can void the payment in Intacct.

MineralTree sends remittance details to suppliers in an automated email notification. This email includes necessary details to reconcile the incoming payment, including a breakdown of the AP purchase invoices being paid.

Yes, remittance details are sent to suppliers in an automated email notification. These emails provide suppliers with all the necessary details that they need to accurately reconcile incoming payments with outstanding AP purchase invoices and account records. The email includes comprehensive information, such as:

• Name and address of the customer making the payment

• Confirmation of the receiving supplier's name and address

• Total payment amount

• Payment method (ACH, virtual card, or cheque)

• Unique identifier for the specific payment

• Clear breakdown of the specific AP purchase invoices included in the payment

• Discounts applied

• Credits applied

The cause of the error depends on the bulk action.

• Cancel request: You can only cancel payment requests to MineralTree when the Provider payment state is Failed.

• Refresh state: You can only refresh the Provider payment state 24 hours after the payment was posted.

• Retry payment: You can only retry payment requests to MineralTree when the Provider payment state is Failed.

If the payment request fails, you can retry processing the payment again or cancel the payment request.

To retry the payment: 

1. Go to Accounts Payable > All > Payments > Payment requests.

2. Select the payment requests you want to retry payment for.

3. Select More actions > Retry payment at the end of the row.

1. Go to Accounts Payable > All > Payments > Payment requests.

2. Select the payment requests you want to retry payment for.
3. Select Retry payment.

To cancel the payment:

1. Go to Accounts Payable > All > Payments > Payment requests.

2. Select the payment requests you want to cancel.

3. Select More actions > Cancel request at the end of the row.

1. Go to Accounts Payable > All > Payments > Payment requests.

2. Select the payment requests you want to cancel.
3. Select Cancel request.

After you cancel the payment request, you can pay the AP purchase invoice again to resubmit payment.

Your designated support user can contact Sage Intacct Support for additional help.