Introducing Checks off FBO: Streamlined Check Processing
Edenred Pay is excited to introduce Checks off FBO, a new service designed to streamline your check payment process. Checks off FBO is a full-service check processing solution within our invoice-to-pay platform, allowing you to handle all payment types with a single file upload. While check payments may still be a necessity for some suppliers, Edenred Pay eliminates the administrative burden of printing, mailing, and managing checks – all within our platform.
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What’s New?
Checks off FBO optimizes for simplifies check processing:
Simple setup
Instead of deducting funds from your bank account each time a vendor cashes a check, the total batch amount is now transferred out to the FBO account. This simplifies setup, eliminating the need for bank specifications, voided check samples, signatures, and logos.
Fast implementation
Checks are issued from the FBO account, streamlining implementation and making the onboarding process faster.
Payment tracking
A “CLEARED” status indicates when checks have been cashed, providing clear payment visibility.
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How the Process Works
Benefiting from Checks off FBO couldn’t be easier:
- Submit payment file. The payment file is uploaded, initiating the check processing.
- Held for funding. Checks are placed in “Hold for Funding” or “Hold for Insufficient Funds” status until funds are received.
- Funds received. Funds are transferred for the entire batch.
- Check file sent. The payment file is transmitted to our third-party check provider.
- Checks mailed. Checks are sent directly to your vendors.
- Check image received. Edenred Pay receives a check image for record-keeping.
- Positive pay file sent. Positive pay files are transmitted to ensure security.
- Updated status. Checks are marked as “CLEARED” once cashed.
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Key Benefits of Checks off FBO
- Easily view all issued checks and their status. For reconciliation, debit transfers are visible in your account as a single batch.
- If a stop payment is required, funds are returned from the FBO to your funding account, and the check status will show as “STOPPED.”
- Tracking: Clients can assign a reference ID for each check, while Edenred Pay generates a unique check number for tracking.
- Every check run is secured with positive pay files for added protection.
- Checks will expire and be marked as VOID after 120 days, initiating a stop payment process if necessary.
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Interested in Learning More?
Contact your Customer Success Manager to see how Checks off FBO can streamline your check payment processing and simplify your financial operations.
