When I approve a new check run or payment, is my account debited immediately?

Modified on Thu, 18 May 2023 at 10:34 AM

Payments will be processed by check run.


ACH:

  1. Payments are debited immediately from your account. ACH will pull one transaction from your account per check run.
  2. Transactions appear on the bank statement as "Plate IQ". There will be one transaction on your statement per payment. 
  3. We include the Plate IQ transaction number and vendor name in your bank statements for all ACH payments made using VendorPay.

Please note: Not every bank supports this information. 

Check:

  1. Check payments are just like checks you would send manually. They will not be debited from your account until the vendor cashes the check.
  2. Check transactions will appear on your statement just like checks you would manually write.


vCard

We debit your account to fund the vCard. Each vCard funded would debit your account.

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