Updating or inactivating a vendor's bank information

Previously entered vendor bank accounts can not be edited or completely deleted for auditing purposes. It can only be deactivated if no longer needed, or incorrect. Once removed, you can add a new bank account if needed.


Inactivating a vendor bank account

  1. Click Vendors in the left navigation menu

  2. Click the vendor name

  3. Click More Actions

  4. Click Edit Vendor

  5. Click Remove bank account in the Vendor Bank Info section

    • A popup will appear at this stage, letting you know that the bank information will be removed permanently. If a new bank account is going to be added, we strongly recommend verbally confirming the new bank information with your vendor, as Business Email Compromise (BEC) is a rising threat (click Learn More here or in the popup for more detail on BEC)
  6. Check the box indicating you have confirmed the change with your vendor, and click Remove Bank Account

  7. Click Save

Once the previous bank account has been inactivated, you can add the new bank account:

  1. Click More Actions
  2. Click Edit Vendor
  3. Select ePayments - I have my vendor's bank account info and I'll manage it myself for now
    • select Invite my vendor to join PayMaker and manage their own bank info if you'd like to also invite your vendor to create a free basic account to manage their info in the future
  4. Enter the vendor's bank account information in the Vendor Bank Info section that just opened up
    • Bank Account Holder's name (may or may not be the same as the vendor name, but should be the actual bank account holder's name)
    • Routing Number
    • Account Number
    • Re-enter Account Number
  5. Click Save

The bank account is immediately in a verified status. In 1-2 business days, a test deposit of $0.01 (a penny) will be sent to your vendor's bank account to confirm it is able to receive payments, this will not be debited back. If the test deposit is not successful, the bank account will be invalidated and a notification will be sent to the User who entered the bank account information. A new bank account entry will need to be made for the vendor if wanting to send ePayments. Until a new bank account is provided, the payment method will default back to Mail Check.

Things to know

  • The instructions above apply to bank information you added to the vendor record manually
  • If your vendor uses PayMaker to receive payments (either with a Basic Receivables account or an Advanced Receivables account) and is linked in the network, they'll need to update their bank account information themselves.