Keep tabs on your business' vendor payments with Plastiq's Payment Approvals setting. When you turn on Payment Approvals, all payments submitted by members of your team above a specified amount threshold will require approval before they're sent out.
Want to give your finance team more control over expenses? Assign other team members the ability to approve and reject payments so they can help monitor your organization's outgoing payments. Keep reading to learn more about this feature and how your business can conveniently manage all of your payables with Plastiq.
Setting Up Payment Approvals
- To turn on Payment Approvals, go to your account's settings area and click the pay tab at the top of the page, on the left-hand side. Then, select Payment Approvals and toggle the switch labeled Enable Approvals (highlighted in green below).
- Now that Payment Approvals is on, you can enter a payment approval threshold for all payments submitted on this account. If a team member submits a payment above this threshold amount, it will automatically trigger the payment approval process and send that payment to the approvals list so it can be reviewed and approved or rejected by a team member with Approver status.
You can also see your list of approvers in this section and add new ones. To add a new approver, enter the name of the team member in the field labeled add another payment approver. Click the blue save button in the upper right-hand corner to apply your changes.
If you are the account owner, you will automatically have the approver status and all of your payment submissions will skip the approval process. This also applies to anyone else assigned as an approver. Once a team member is made an approver, they can assign other team members that status.
- You can manage your list of approvers on this page by clicking the options icon (highlighted in green below) next to an approver. You can remove that user's permission to approve payments, make them the account owner, or deactivate the user to completely remove them from your account.
Approving and Rejecting Payments
- When a team member submits a payment above the payment approval threshold, the Payment Approval process will start and we'll display a message that the approvers have been notified about this payment.
- All approvers have a list dedicated to reviewing pending payments. An approver can find this list by clicking pay and selecting bills. They will see an approvals tab at the top of the panel on the left.
From here, approvers can see all payments submitted by team members and their priority (i.e. how close they are to the payment deadline). Click a payment to see all of its details, including the name of the team member that submitted that payment. The reject and approve buttons are in the upper right-hand corner (highlighted in green below).
- If a team member edits a scheduled payment before it can be reviewed, the approver will see a message notifying them of the recent changes.
- If the payment is not approved before its original delivery date, we'll let the approver know that a new delivery date must be set for the payment before it can be approved and sent out. To choose a new date, they can click the blue button in the upper right-hand corner (choose new delivery date).
- When a payment is rejected by an approver, they will need to confirm the rejection. Rejected payments are sent back to whoever submitted that payment, displayed under drafts tab in the bills section of their respective account. The approver can include a note when they reject a payment so the other team member has some context for why that submission was returned to them.
- This note will be displayed with the payment details and the team member can view it by selecting the payment in their drafts.
Payment Approvals Log
- You can see a full record of your payment approval history in the settings area of your account. Click the pay tab and then select Payment Approvals to see your approval settings displayed on the right. Click view payment approval log (highlighted in green below).
- All of your account's past and current payment history will be displayed in this log. To download a copy for your records, click download (highlighted in green below). The ACTION tab will indicate the status of the payment:
Outstanding- Payment still needs to be reviewed and approved.
Submitted- All of the account's submitted payments.
Approved- Payments that have been submitted and approved.
Rejected- Payments that have been submitted and rejected.
- When downloading a copy of the payment approval log, you can customize which payments are included in your report. You can also adjust the date range for the report so it only shows payments from that specified period. Click export .csv to download a copy.