Audience: All users.
Summary: This article explains how your vendors can start accepting SilverPay as a payment option through our vendor enrollment process. It's important to note that once this process is complete, SilverPay will be integrated into your normal MineralTree workflow and requires no additional effort.
This article contains:
- Overview of the enrollment process
- How the vendor analysis works
- How the call campaign works
- What do I have to do?
Vendor enrollment is specific to the growing industry of B2B virtual card payments. Not all vendors take credit cards and those who do sometimes have terms associated with taking them (e.g. payments made with credit card have to be under or over a certain dollar amount). Some vendors don't take credit cards simply because they haven't in the past and aren't aware of the benefits to their business.
Vendor enrollment campaigns make it easy for you to switch over to the world of e-payments. In a vendor enrollment campaign, MineralTree will:
- Analyze your vendors using a database of card-accepting vendors
- Identify vendors who are likely card-accepting
- Reach out to these vendors on your behalf to see if they will accept virtual card from you
- Obtain their preferred email address for receiving remittance details.
Vendor enrollment campaigns are the B2B equivalent of asking the cashier at your local cafe if they accept credit card. Because of the complexity, volume, and scale, we take care of it for you. You have complete control over this process and we will never reach out to a vendor without your permission.
When you sync your accounting package with MineralTree, all of your vendors will sync over to MineralTree. From there, we can begin your vendor analysis.
Best Practice: ensure the address, phone number, and email information for your vendors is up to date in your ERP.
From there, MineralTree is able to review your historical vendor data. Utilizing your vendor spend from the last 12 months in conjunction with data such as address, phone number and email address, we are able to match your vendors with Visa’s database of card-accepting companies to determine which of your vendors are most likely to accept card. It’s important to note that the vendor match analysis will only indicate which of your vendors accept card in any capacity, not specifically Virtual Card.
Once we conduct the initial match analysis, we remove vendors in industries like government, finance, or individuals as they are unlikely to accept Virtual Card. Vendors you have paid less than $5,000 in the last 12 months will also be removed.
Once the detailed vendor analysis is complete, you will be provided with an Excel file containing a curated list of your most-likely card accepting vendors. From there, you can let us know which vendors you are not interested in contacting about accepting virtual card, and update any vendor contact information. If the list looks good to you and your team we can get started with the call campaign.
The call campaign, conducted by our Priority Payments (PPS), ensures that all vendors are a good fit for this program and explains the benefits of accepting virtual cards. Common questions to vendors include:
- Do you accept credit cards today?
- Are you able to accept credit cards received via email?
- Do you need any additional information from your customer in order to process credit cards received by email?
- Do you assess any additional fees to your customer when accepting credit card payments via email? (We do not enroll any vendors who charge additional fees.)
When a good fit has been established, the vendor provides our enrollment team with the correct email to send credit card payments to for processing, and MineralTree automatically configures the SilverPay payment method for the vendor. This means that once the process is complete, you can pay them using your normal MineralTree workflow.
What do I have to do?
In short, there are only a couple of things we need from you:
- Ensure your vendor information (Address, phone, email) is correct in your ERP.
- Fill out an application (this is usually done during implementation).
- Tell us who we can and can't reach out to regarding virtual card payments.
Leave the rest up to us!