Adding a new International vendor is a simple process, and takes only a few minutes.
Information you will need to have ready:
The vendors name and full address
A "remittance" email to which we can send payment details
Banking information for the vendor (can usually be found on the invoice)
IBAN number for standard payments
SWIFT number for priority payments and non-IBAN countries
Bank name and country
Basic Vendor Details
Start by clicking the "Add Vendor" button in the upper right corner of the screen in the "Vendors" tab under "Get Paid."
After searching for the vendor by name in the subsequent screen, if the vendor is not found, click on "Create Vendor"
Enter the vendors address in as much detail as possible. The most important field here is the "Country" field, as entering any country other than "United States" will trigger a different series of screens thereafter.
Adding a Vendor Payment Method
Each international vendor must have at least one payment method, so creating a vendor will immediately prompt you to add a payment method.
First, verify the country of the beneficiary, their bank, and the currency in which you will pay.
Pay close attention to the "Bank account country" field, as many beneficiaries bank in countries other than those where they are located. Click continue.
The next screen is where you will enter the vendors banking information.
Enter the remittance email first. This is mandatory when creating a vendor and lets Koverly know where to send payment details.
Decide which payment method to use. You can choose between "Regular" and "Priority" payment. You can create either or both in the same screen by checking the appropriate boxes.
"Priority" payments should be used for payments over $100K, or where in countries were regular payment method is not available
Both methods require an IBAN number, and the Priority method requires a SWIFT number. It is very important to enter these accurately, although the system will confirm valid format before letting you proceed.
The next two screens will allow you to confirm what you have entered before returning to the Vendor tab.
If you pay a vendor in multiple currencies you will need to add a second delivery method. You can do this by selecting the vendor in the vendor tab of the bill pay section, then in the panel on the right of the screen, select "Details" at the top of the panel, then "Delivery Methods" and click on the three dots to the right to select "Add new." This will bring you back to the delivery method flow.
You can also select which payment method should be the default in this screen by clicking "Default Method" in the appropriate selection
You are now ready to "Add Bills" and "Make Payments" to that vendor.