At Tola, we know that asking your vendors or suppliers for bank account details to pay bills can be a tedious and slightly uncomfortable as this information is highly sensitive.
Adding payment information manually
If you have the banking payment information for your vendor or supplier from the invoice or stored securely in accounting software, you can add it manually by going under Contacts, selecting the right Contact and add it by pressing Add information from the Contact Overview screen or by pressing the three dots on the top right button and selecting Add payment information.
On the Add payment information pop up screen, you can choose Enter manually and add the bank routing and account number for your vendor.
Additionally, if you have only their address, you can toggle "I want vendors to receive checks instead" and add their check delivery address.
Please note that sending checks to your vendors or suppliers will take a longer time compared to ACH transfers.
Automatically collecting payment information
As adding payment details for each vendors can be a tedious and manual, which can result in errors and wrong bank details being added, we developed a way to easily collect the details confidentially, securely, and without ever having to receive the details yourself.
You can ask vendors to add payment information by going under Contacts, selecting the right Contact and add it by pressing Add information from the Contact Overview screen or by pressing the three dots on the top right button and selecting Add payment information.
On the Add payment information pop up screen, you can add the vendor or supplier e-mail, along with a personalised note explaining why you need he payment details, and pressing Continue.
Tola will send the vendor or supplier an e-mail and a link to securely collect payment details on your behalf. Once the vendor or suppliers adds them, you will receive an e-mail from Tola, enabling you to pay the bills.
You are also able to collect payment details when selecting a payment method in the flow when paying your first bill to a new vendor or supplier added to Tola.
Once they add it, payment will be scheduled and the vendor or supplier details will be updated accordingly.