The TransferMate Payment Gateway is fully integrated with our system. 

TransferMate Payment Gateway lets you do the following, all without leaving AccountsIQ:

• Set up and process a Supplier Bulk Payment. 
• Process Foreign Currency (FX) payments to foreign suppliers. This can save considerable processing time as it only takes one run. It also saves money as the FX rates and transaction fees charged by TransferMate are extremely competitive in comparison to traditional high street banks. 

The process

The service uses our Bulk Payments process. For foreign currency payments run a suggested payment run, select suppliers to pay, and approve the payment run. The payments run is sent electronically to TransferMate, which offers the latest FX rates. To approve the payment run, enter your TransferMate credentials. If you accept the FX rate(s), TransferMate will process the foreign exchange trade at that rate and set up the payments. 

Our system will:

• Post the payments against the relevant AP accounts, at the agreed rates.
• Allocate them against the invoices they are paying.
• Generate any realised exchange gains/loss postings resulting from the difference between the invoice value and the payment cost. 

TransferMate will:

• Collect the total amount to cover the full payment run from your designated bank account via Direct Debit or Wire Transfer, depending on your choice.

See:

Managing Multiple Currencies‍ 

Creating New Bulk Payments‍ 

International Money Transfers | Cross-Border Payments by TransferMate 

TransferMate is free to sign up for. Like the banks, TransferMate makes money on the FX exchange rate offered but offers a much more competitive rate. TransferMate charges no transaction fees on FX payments above €/£5,000. For smaller payments or same currency payments to different jurisdictions, they charge a £/€5 transaction fee per payment. We do not charge any fees for using the service. 

Set up a TansferMate Bank Account to process payments to foreign suppliers. It should be set up in your company's base currency. 

As when setting up regular bank accounts:

1. Create a GL Account for the new TransferMate bank account. 
2. Go to Bank Accounts and click on New Bank to create a new bank account. Select the GL account you just created and add a name for the new TransferMate account (could be just 'TransferMate').
3. Under the Online Payments Gateway Settings section, click Set Online Payments Gateway. If you cannot see the Online Payment Gateway, please contact support at support@accountsiq.com and request to have it set up.
4. Click the TransferMate logo.
5. Enter your new TransferMate login details (provided when you signed up for the service) and click Login.
6. Once authentication is complete vis the TransferMate portal, select which bank account will be used to settle the cost of any FX payments runs. Click Accept. This links your new TransferMate bank account to the associated account on the TransferMate portal. 

   Note

   If the account you wish to use to settle does not appear, you will need to create this within the TransferMate portal before processing FX payment runs in the system.

    
7. Back in the bank setup screen, the linked TransferMate account details will be visible. Click Save to create a new account in the system

To allow the system to suggest FX payments due:

1. Go to AP > Suppliers and find the Supplier account you want to pay via the TransferMate service.
2. In the Account Details tab:
   • Select the TransferMate bank account you created from the Bank GL Account dropdown.
   • To correctly validate any foreign payment beneficiaries, select the Country Code associated with the account. 
   • Enter all the relevant information for the account address. This will be validated at the time of making the payment.
3. In the Finance Settings tab, complete the Bank Details associated with paying the supplier. This will depend on the country with the IBAN (when paying in Euro), and the Bank Routing Number (when paying US suppliers).
4. Click Save. The system will validate whether the bank details are correct for the assigned country. For example, some countries such as China are not currently supported via the TransferMate integration, therefore the system will warn you if you try to associate a Chinese supplier with the TransferMate bank. 

Step One: Approve the Bulk Payment

All Bulk Payments to be processed by TransferMate must have already been approved but not yet processed.

Step Two: Process the Bulk Payment via TransferMate

1. Go to AP > Bulk Payments and find the bulk payment that needs to be processed.
2. In the Actions dropdown, select Process Payment to open the Bulk Payment.
3. If there are no further edits needed, click Process With TransferMate to proceed.
4. Read the Important Note and click Accept to proceed.
5. Enter your TransferMate Login Details and click Login.
6. Enter your 2FA code and click Next.
7. A list of the suppliers included in this payment run will appear. Click Accept to proceed.
8. A list of the payment rates will appear. These are updated every 60 seconds. Click Authorise Payment to proceed.
9. A summary of the payment, including the authorised exchange rate appears. Click Leave TransferMate to return to the Bulk Payments grid. The following will have been updated:

• The Bulk Payment now has a Completed status.
• The payment transactions (PP type) have been created and allocated to the related invoices.
• Any realised foreign exchange gains/losses have been generated and linked to the payment transactions.
• A PDF summary has been attached to the completed Bulk Payment.