Looking to streamline your invoice payments? Wholesail’s Autopay feature allows you to automatically pay invoices based on a schedule that suits your business. Below are three common approaches customers often use, along with step-by-step guidance for each option.
- Pay on Due Date: Automatically settle invoices right at their due date, maximizing your terms.
- Pay When Issued: Pay all open invoices once a day (ideal if you have COD terms).
- Pay Weekly: Set a specific day each week to pay all open invoices.
Setting up autopay in Wholesail requires 3 simple steps:
- Connect a Payment Method: A bank account or credit card must be linked.
- Set Your Preferred Frequency: Tell Wholesail how often you want autopay to run.
- Confirm & Save: Once you agree to autopay terms, you’ll receive a confirmation email, and your new plan is active.
Pay Open Invoices When They’re Due
Why Pay on the Due Date?
- Maximize Payment Terms: Pay your invoices and you hold onto your cash until just before the deadline.
- No Past Due Invoices: The autopay runs precisely on the invoice due date, preventing overdue invoices.
How to Set It Up
- Login to your Wholesail account by clicking here.
- Confirm a payment method is connected in Wholesail.
- To connect a bank account, see Connect a bank account using account and routing numbers or using your bank username/password.
- To connect a credit card, see Connect your credit card. (Note: Some vendors charge a convenience fee for card payments. Use your bank account to avoid the fee.)
- Click on Autopay on the left hand side of your page.
- Select Set up autopay.
- On the Autopay screen:
- Payment Method: Pick your preferred account/card.
- When: Select Invoice is due.
- (Optional) Set a max amount per autopay payment: Provide a maximum if you want to guard against unusually large invoices.
- (Optional) Set a fixed date to end autopay AND Schedule autopay to start later: Typically you’ll start immediately, but you can schedule autopay to begin next week, or end after a few months, etc.
- Confirm & Agree to the autopay terms.
- From now on, Wholesail checks each invoice on its due date and automatically processes payment for the full balance (unless you’ve set a max limit).
Good to Know
- This approach is perfect if you want to fully utilize your vendor’s terms but avoid any risk of going past due.
- If you use a max limit that’s too low, autopay might skip large invoices. Adjust or remove the limit if you frequently have larger balances.
Pay Open Invoices When They’re Issued
Why Pay Immediately?
- COD or Early-Pay Discounts: If your vendor offers discounts for quick payments, paying invoices as soon as they arrive can save you money.
- Never Worry About “Overdue”: Invoices get paid right away, simplifying your cash flow tracking.
How to Set It Up
- Login to your Wholesail account by clicking here.
- Confirm a payment method is connected in Wholesail.
- To connect a bank account, see Connect a bank account using account and routing numbers or using your bank username/password.
- To connect a credit card, see Connect your credit card. (Note: Some vendors charge a convenience fee for card payments. Use your bank account to avoid the fee.)
- Click on Autopay on the left hand side of your page.
- Select Set up autopay.
- On the Autopay screen:
- Payment Method: Pick your preferred account/card.
- When: Select daily.
- (Optional) Set a max amount per autopay payment: Provide a maximum if you want to guard against unusually large invoices.
- (Optional) Set a fixed date to end autopay AND Schedule autopay to start later: Typically you’ll start immediately, but you can schedule autopay to begin next week, or end after a few months, etc.
- Confirm & Agree to the autopay terms.
- Going forward, Wholesail will pay new invoices as they appear (usually within 24 hours).
Good to Know
- Because it’s daily, any new invoice your vendor issues typically gets covered quickly -ideal for business with COD terms.
- Double-check you have enough funds or credit limit to handle daily charges.
Pay All Open Invoices Weekly
Why Weekly?
- Stay current with any invoices that have posted but haven’t yet hit their due date.
- Match Net-7 or Net-14 Terms if you typically have a week or two to pay.
- Review Invoices weekly before autopay runs, giving you a chance to spot issues.
How to Set It Up
- Login to your Wholesail account by clicking here.
- Confirm a payment method is connected in Wholesail.
- To connect a bank account, see Connect a bank account using account and routing numbers or using your bank username/password.
- To connect a credit card, see Connect your credit card. (Note: Some vendors charge a convenience fee for card payments. Use your bank account to avoid the fee.)
- Click on Autopay on the left hand side of your page.
- Select Set up autopay.
- On the Autopay screen:
- Payment Method: Pick your preferred account/card.
- When: Select weekly.
- On: Select the day of the week you want autopay to run.
- (Optional) Set a max amount per autopay payment: Provide a maximum if you want to guard against unusually large invoices.
- (Optional) Set a fixed date to end autopay AND Schedule autopay to start later: Typically you’ll start immediately, but you can schedule autopay to begin next week, or end after a few months, etc.
- Confirm & Agree to the autopay terms.
- You’ll receive a confirmation email once your weekly autopay is active.
Good to Know
- This method is great if you prefer paying once a week to keep everything tidy.
- If an invoice is bigger than expected, you can always edit or cancel autopay to address it.
Frequently Asked Questions
Q: Can I change from weekly to paying on the due date later?
A: Yes - if your vendor allows editing autopay. Otherwise, you can cancel the old plan and set up a new one.
Q: Do I need separate autopay plans for each vendor?
A: Autopay usually applies to the invoices you see within a specific vendor’s portal.
Q: What if an invoice is larger than my payment limit?
A: If you have not set a Max payment amount, autopay will pay up to your limit. With a Max payment amount set, the invoice may be skipped, leaving a balance you’ll need to address manually.
Q: Am I notified each time autopay runs?
A: Yes, Wholesail sends an email receipt whenever autopay processes a payment.
Ready to Customize Autopay?
Pick the method that best fits your business needs - weekly, daily, or when invoices are due. If your requirements change, you can always edit or cancel autopay. For additional help with autopay frequencies and advanced settings, contact Wholesail Support at support@paywholesail.com.