Payment Processing

ReqFlow's payment processing module streamlines the entire invoice-to-payment workflow, connecting approved requisitions to your financial systems. It provides comprehensive tools for managing invoices, approving payments, and maintaining accurate financial records.

Payment Lifecycle

The payment process in ReqFlow follows a structured workflow:

1. Invoice Receipt - Capture invoice details manually or through automated methods
2. Invoice Matching - Link invoices to corresponding requisitions and purchase orders
3. Validation - Verify invoice accuracy and compliance with purchase terms
4. Approval - Route invoices through appropriate approval workflows
5. Payment Scheduling - Queue approved invoices for payment based on terms
6. Payment Execution - Process payments through integrated financial systems
7. Reconciliation - Match payments to invoices and update financial records
8. Reporting - Generate payment reports for financial analysis and compliance

Invoice Management

ReqFlow provides comprehensive tools for handling invoices:

• Invoice Capture - Multiple methods for entering invoice information:
  • Manual entry
  • OCR scanning
  • Email integration
  • Vendor portal uploads
  • EDI/XML import
• Invoice Matching - Options for validating invoices against source documents:
  • 2-way matching (PO to invoice)
  • 3-way matching (PO, receipt, and invoice)
  • 4-way matching (PO, receipt, inspection, and invoice)
• Exception Handling - Processes for managing discrepancies:
  • Price variances
  • Quantity discrepancies
  • Missing references
  • Duplicate invoices

Payment Approval Workflows

ReqFlow's flexible approval system for payments supports:

• Approval Hierarchies - Configure multi-level approval chains
• Approval Thresholds - Set monetary limits for different approvers
• Delegation - Allow temporary transfer of approval authority
• Auto-Approval Rules - Configure conditions for automatic approval
• Escalation Paths - Define processes for handling delayed approvals
• Mobile Approvals - Enable on-the-go review and approval

Payment Methods

ReqFlow supports various payment methods:

• Electronic Funds Transfer (EFT) - Direct bank-to-bank transfers
• Automated Clearing House (ACH) - Batch processing of electronic payments
• Wire Transfers - Same-day electronic payments
• Virtual Cards - Single-use payment cards for specific transactions
• Corporate Credit Cards - Integration with company card programs
• Checks - Traditional paper check processing
• Digital Payment Platforms - Integration with modern payment services

Vendor Payment Management

ReqFlow helps manage vendor payment relationships:

• Vendor Profiles - Store payment terms and methods for each vendor
• Payment Scheduling - Optimize payment timing based on terms and cash flow
• Early Payment Discounts - Track and apply available discounts
• Vendor Statements - Reconcile vendor accounts
• Payment History - Maintain complete payment records by vendor
• Vendor Portal - Allow vendors to check payment status

Financial System Integration

ReqFlow connects seamlessly with financial systems:

• ERP Integration - Sync with enterprise resource planning systems
• Accounting Software - Connect with popular accounting platforms
• Banking Integration - Link directly to banking systems for payment processing
• Payment Processors - Interface with third-party payment services
• Tax Systems - Connect with tax calculation and reporting tools
• Expense Management - Integrate with expense tracking systems

Payment Reporting and Analytics

Gain insights into your payment processes with:

• Payment Dashboards - Visual representations of payment metrics
• Aging Reports - Track outstanding invoices by age
• Cash Flow Forecasting - Project future payment obligations
• Spending Analysis - Break down payments by category, department, or vendor
• Payment Cycle Time - Measure efficiency of payment processes
• Exception Reports - Identify and address payment issues
• Audit Reports - Detailed logs for compliance and verification

Compliance and Controls

ReqFlow implements robust financial controls:

• Segregation of Duties - Enforce separation of critical payment functions
• Audit Trails - Maintain detailed records of all payment activities
• Fraud Detection - Identify suspicious payment patterns
• Payment Verification - Multi-level checks before payment execution
• Compliance Reporting - Generate reports for regulatory requirements
• Tax Compliance - Ensure proper tax handling for payments

Global Payment Capabilities

ReqFlow supports international payment requirements:

• Multi-currency Support - Process payments in different currencies
• Exchange Rate Management - Handle currency conversions
• International Payment Formats - Support for region-specific payment methods
• Tax Considerations - Handle VAT, GST, and other international tax requirements
• Compliance with International Regulations - Adhere to global payment standards
• Language Support - Multi-language capabilities for global operations

Mobile Payment Capabilities

ReqFlow's mobile features for payment processing include:

• Invoice Review - View invoice details on mobile devices
• Mobile Approval - Approve payments on the go
• Payment Status - Check payment status from anywhere
• Document Capture - Take photos of invoices for processing
• Notifications - Receive alerts about pending approvals and payment issues

Get Started

To begin using payment processing in ReqFlow:

1. Configure payment settings in the administration panel
2. Set up integration with your financial systems
3. Define payment approval workflows
4. Configure vendor payment information
5. Establish payment methods and schedules
6. Train users on invoice entry and payment processes

For more detailed instructions, check out our Payment Processing Setup Guide.