A Payee is a company or individual who receives payments. There are three different ways to add Payees to the system:
- A single payee
- Batch upload via CSV file
- Via the API
Add a Single Payee
To create a Single Payee in the system:
- Login to the Payor Portal
- Click Payees from the side navigation
- Click Create Payee located at the top right-hand side of the screen
- Select Add Single Payee tab and choose either the Personal Account or Company Account tab to enter the following:
- Click Create
An invitation email will be sent to the email address provided to the new Payee. It will contain a link to start the onboarding process. Once they complete their account setup, Payees can view their payment history, track payments, update their Payment Methods, and edit their Payee profile at any time.
Note: Select Challenge Code if you want to provide a custom challenge code for identification verification during registration. The application will use the Payee’s Tax ID by default.
If you are utilizing the Managed Payees option, notifications will never be sent to Payees by Velo’s systems. After creating a managed Payee, the system will accept the information and begin watchlist checking.
Batch Upload
To create multiple Payees in the system at once, you can upload a CSV file.
- Login to the Payor Portal
- Click Payees from the side navigation
- Click Create Payee located at the top right-hand side of the screen and choose the Multiple Accounts tab
- Drag and drop your CSV file or click to browse for a file on your machine
- A sample CSV template with required and optional information can be found on the page by clicking Download Sample CSV File
- CSV Instructions:
- The file format must be in a CSV to be accepted by Velo.
- The CSV file must contain a header row with all mandatory fields completed. Multiple fields require data to be submitted in a case-sensitive or specific format. Please refer to the sample file for data field requirements.
- If the payee type is an Individual, please submit all Individual mandatory fields.
- If the payee type is a Company, please submit all Company mandatory fields.
- The CSV file may contain any or all of the optional fields as detailed in the sample file. Providing optional information will assist and accelerate your payees in their onboarding process to Velo.
- The file may not contain a footer row.
- You may be presented with an error message if there is a formatting or whole file issue.
- For individual row errors, you will be provided with a CSV file containing the payees needing correction. Please address those specific errors and resubmit those records for processing.
Add Payees via API
If you are interested in using our API, please visit the Velo Development Center.