The Payment Tracker in Viewpost helps give you and your vendor visibility into the payment timeline and estimated delivery.
Usually one additional day is added for bank processing.
Ex. You know the payment timeline for payments to this Vendor is 3 business days, on Viewpost it may say 4, as a buffer.
Relevant terms and definitions:
Payment Initiated – When you upload the payment to Viewpost
Payment Being Processed- funds have been sent to the bank or paper checks are sent to the printer.
Estimated Delivery- best projection based on mail dates for paper checks and automation for bank processing.
ACH and Virtual Card
- Waiting for funds to clear bank security - NACHA requires we hold payments before delivering them to the receiving bank. This status will usually show card between 1-3 business days.
Once our check printer has processed the paper check file we receive a 1st Acknowledgement file from them, but it doesn’t update any statuses in Viewpost.
Between 8:45pm and midnight we receive a 2nd Acknowledgement file from them which confirms the payments have been mailed.
Mailed- We receive the confirmation and update the information in the Payment Tracker
- Sometimes the check printer will send us the 2nd Acknowledgement the following morning, even though the payments were mailed the previous day.
- The mailed update on Viewpost is triggered by the receipt of that file, even though the mailing could have occurred the day before, as committed.
- This is very rare, but can happen.