Payment approval overview

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Audience: Accounting Manager and Payment Authorizer

Summary: An overview of how the payment approval process works within MineralTree

Payment approval overview

The Payment Approval option is an automatic step that requires a designated Payment Authorizer to approve payments above a specified dollar threshold.

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 Accounting Manager will automatically go into "Pending Approval" status. The payment will show up in the Payment Authorizer's MineralTree Dashboard, and they will receive a notification email prompting them to sign in and approve the payment. Once the Approver logs into MineralTree and approves it, that payment will then be submitted for processing.

With MineralTree, it is possible to have up to two tiers of payment approval. Using the previous example, you could have payment approval required for anything over $100, but dual approval required for anything above say $500. You can also specify who the first and second approver is and can have them be notified in sequential order or all at once. Payment approval limits can also be set per person.

Administrators can specify who the first and second approvers are by going to Settings > Manage Company Settings > Payment Approval

 

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