Our new payments functionality means you can receive, approve, and pay invoices, all in one place.
About our payments functionality
Using our payments functionality
Will I receive a confirmation email after scheduling a payment?
Will I or my suppliers receive a confirmation email after a payment has been made?
When will my suppliers receive their payment?
Troubleshooting: making payments
I’ve transferred funds, but they've been refunded back to me. Why?
A payment was made to the wrong bank account. Who’s liable?
Where to find the Wallet’s account details
How we ensure our payments functionality is secure
Can I use the payments functionality if my business isn’t Trustd?
Do I need to add my business bank details to Trustd?
How TEG handles your financial data
About our payments functionality
Our new payments functionality means you can receive, approve, and pay invoices, all in one place.
Benefits
Pay multiple suppliers in one go: No need to spend time paying suppliers individually. Simply select all the invoices you want to pay and make one single payment to your Wallet for the total amount. The system takes care of the rest and divides that payment correctly to each of your suppliers’.
One simple system, from start to finish: View, approve and pay invoices all in one place. No more moving off platform to pay your invoices or wasting time exporting and importing spreadsheets.
Pay one account, always: No need to add, manage or update supplier bank details ever again. Whenever you want to pay a supplier – simply transfer the correct funds to the Wallet – and the system will take care of the rest.
Pay your suppliers at any time: Our payments functionality is available 24 hours a day, 7 days a week, with payments settled on the day of transfer.
Automatic reconciliation: As soon as a payment is made, an email confirmation is sent to your suppliers. Plus, the system automatically marks those invoices as ‘Paid’ for both you and your suppliers.
Getting set up
To use our payments functionality, you’ll need to complete the Payment setup application in Trustd.
You can find more detail on the process and what documents you’ll need to provide here.
Please note you’ll first need to ensure your business is TEG compliant. This process is completed via our compliance platform, Trustd.
If you're not yet TEG compliant, you can learn more about the process here.
Using our payments functionality
Paying multiple suppliers
Here’s how to pay multiple suppliers:
Will I receive a confirmation email after scheduling a payment?
Yes, after scheduling a payment, you will receive a confirmation email like the below:
Will I or my suppliers receive a confirmation email after a payment has been made?
Yes. Once your payment has been processed, you will receive an email confirmation (see example below).
All suppliers being paid will also receive an email – including remittance advice – confirming they’ve been paid.
When will my suppliers receive their payment?
Suppliers will receive funds based on when you made the transfer from your bank account to your Wallet:
For transfers made in business hours (8am - 7pm)
Supplier will receive funds in their bank account shortly after 7pm.
For transfers made outside business hours (on weekends or bank holidays)
Suppliers will receive funds within a matter of minutes after transfer from bank account.
Troubleshooting: making payments
There are several reasons you may be unable to make a payment:
1. Your user role has not been verified by the legal Account Owner yet
If your role has not been verified by the legal Account Owner of your Exchange account, you will be unable to setup or make payments in the platform. To rectify this, you will need to speak to the legal Account Owner and ask them to verify your role. Learn more here.
2. There is an existing payment in progress
If there is a payment already scheduled for the same date, you will be unable to make another payment until the existing one is settled. If this occurs, the system will suggest merging the payments together, so they can all be paid in one go.
3. There are invoices with unverified bank details
If a supplier you are trying to pay is not set up to use our payments functionality, you will be unable to pay them through the platform.
4. There are invoices which are factored externally
If a supplier factors their invoices externally, you will be unable to pay them through the platform.
5. There are invoices that were not originally created in Finance Manager (aka uploaded externally)
If you are trying to pay an invoice from a supplier that was not originally created via Finance Manager, you will not be able to pay this invoice through the platform.
6. There are invoices with an open query status
If an invoice has an open query related to it, you will be unable to pay this invoice through the platform until the query is resolved and/or closed.
If you encounter any of reasons #3 - 6, the system will propose to split the payment to resolve this issue. This ensures that invoices that can be paid, will get paid. All other invoices will need to be paid off platform.
I’ve transferred funds to the Wallet, but they’ve been refunded back to me. Why?
There are several reasons this could happen.
1) No confirmed payment schedule
Our payments functionality works by matching the funds received into your Wallet with a confirmed payment schedule in Finance Manager.
In the event you transfer funds to your Wallet without a corresponding confirmed payment, after a certain period (see details below) those funds will be sent back to the bank account listed in your Trustd profile.
During business hours (8am-7pm, Mon-Fri)
You have two hours to confirm a matching payment before funds are transferred back to your account.
Outside business hours (on weekends or bank holidays)
You have five minutes to confirm a matching payment before funds are transferred back to your account.
2) Incorrect funds transferred to your Wallet
For our payments functionality to work, the exact amount (down to the penny!) needs to be transferred to your Wallet, after confirming a payment. Your payment won’t go through if you transfer the incorrect funds to the Wallet and the funds will be transferred back to your bank account listed in Trustd profile. To avoid this happening, please ensure you refer to your payment schedule confirmation email (example below) to double check the amount that needs transferring to the Wallet.
A payment was sent to the wrong bank account. Who’s liable?
The supplier who raised the invoice with incorrect bank details is liable. It’s the responsibility of the legal Account Owner for each business to ensure that the bank account details in Trustd are up to date.
The Wallet
About the Wallet
The Wallet is an electronic money institution (EMI) account, that allows you to make payments through the platform. This EMI account is powered by Modulr.
Your Wallet has a unique sort code and account number, which only certain user roles (Finance Directors and the legal Account Owner) can access. Learn more about these user roles.
Whenever you want to pay suppliers, you’ll set up a payment, transfer funds to the Wallet and our system will take care of the rest – that is dividing the payment between drivers correctly.
Where to find the Wallet’s account details
Go to the Payment Schedule tab in Finance Manager. Click on the Transfer Info button which will appear after any payment has been scheduled. You will then see this pop-up appear (example below), which contains your Wallet's sort code and account number.
About Modulr
Modulr are an FCA-regulated e-money institution. We’ve partnered with Modulr to enable you to make payments on our platform.
To use our payments functionality, you will be required to accept Modulr’s Terms & Conditions. This will be done during the Payment setup application in Trustd.
View Modulr's Terms & Conditions and their Safeguarding Policy here.
Modulr footnote:
Transport Exchange Group is a distributor of Modulr FS Limited, a company registered in England and Wales with company number 09897919, which is authorised and regulated by the Financial Conduct Authority as an Electronic Money Institution (Firm Reference Number: 900573) for the issuance of electronic money and payment services. Your account and related payment services are provided by Modulr FS Limited. Whilst Electronic Money products are not covered by the Financial Services Compensation Scheme (FSCS) your funds will be held in one or more segregated accounts and safeguarded in line with the Electronic Money Regulations 2011 – for more information please see here.
Data and Security
How we ensure our payments functionality is secure
Measures we’ve taken to keep payments functionality secure include:
Two factor authentication (2FA): To make payments and access the Wallet, members must verify their identity using two forms of authentication. Learn more about 2FA.
Role-based access: Only certain user roles can access the Wallet and make payments, which must be appointed by the Account Owner or a Company Admin. Learn more about user roles and permissions.
Secure bank details: Trustd verifies supplier bank details, so you always know your payments will reach the right business.
Can I use the payments functionality if my business isn't Trustd?
No, to make payments on the platform, your business must:
- be TEG compliant and;
- complete the Payment setup application in Trustd
Learn more about TEG compliance.
Do I need to add my business bank details to Trustd?
Even if your business will only be paying suppliers (aka making payments) through the platform, there will be instances where we require your bank account details to issue refunds.
For this reason, TEG has a responsibility to ensure these bank details are correct and belong to your business.
Trustd verifies your bank details by using a ‘confirmation of payee’ check. This is much like the checks your bank conducts when you want to pay someone new.
How TEG handles your financial data
We are legally required by HMRC to keep your financial data for 6 years. Learn more here. We also store a history of payments, paid and received, on a protected system. This is in accordance with the Payment Service Legislation.
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