With Velo, Payors can decide how to handle beneficiary information. The standard option is a beneficiary directed service. This means, after a Payee has onboarded, only they have access to edit their account information. To do this, Payees may log in to their portal to update their profile and where payments are sent. This adds an additional layer of protection and Payors don’t have to hold sensitive account information on their Payees.
If a Payor already handles beneficiary data and would like to continue to do so, Velo offers a Managed Payees feature. In this case, the Payee would not have access their profile with Velo. Their Payor is in full control of Payees’ profiles and experience, while Velo facilitates payments behind the scenes.
Under the standard service, Payors may edit a Payee’s profile is when they have been invited to the system but have not yet set up their account. In the case where a Payee’s information needs to be corrected, Master Admins and Admin users may edit the following Payee fields: Name, Tax ID, Address, Email, Remote ID, Challenge Code, and Payment Method if originally provided by the Payor.
To update a Payee’s information, log in to the Payor Portal and:
- Click Payees from the side navigation
- Filter for the Payee
- Select the Payee and a flyout will appear
- Click Edit on the top right of the flyout
- A new screen will appear. The following fields may be edited:
- Account Type
- Tax ID
- Remote ID
- Bank Account Details
- Click Save