This Payment Approval option is an automatic step that requires an Approver to approve payments above a specified dollar threshold. When an Account Manager submits a payment above the specified threshold, the payment will automatically be set to Pending Approval, and your company’s Approvers will receive a notification email. The Payment will not be submitted to the bank until the Approver logs into MineralTree and approves the payment in their Dashboard.
Approver and Account Manager accounts are created during the initial set up of MineralTree. Approval thresholds are also put in place at this time that indicate what payments will require approval. For instance, you can specify that any payment over $100 dollars requires approval. This means that any payment for more than $100 that is submitted by an Account Manager will automatically go into "Pending Approval" status, The payment will show up in the Approver's MineralTree Dashboard, and the Approvers will receive a notification email. Once the Approver logs into MineralTree and approves the payment, that payment will then be submitted to the bank for processing.