Vendor's Funds

[mli89]

Hi,

Just want to check, when acting for Vendor (unencumbered), and all proceeds of settlement to go direct to vendor's nominated account. All that needs to be done is to enter:

- the relevant banking account details; and

- the amount to be paid

in Payment Directions and under the Vendor Destination Line Items, correct? 

How do we know that the Vendor has received the funds?

TIA.

[Karolidis_and_Co]

Hi there

That is my understanding of the process.

Re timing - if Financial Settlement has occurred, funds are on their way.  It is then subject to bank clearance times, however from experience most of our clients receive the funds within 24 hours.