How to fill out each field when creating remittance address?

Your customers use your remittance addresses to send payment electronically and by mail. You can complete the following fields when creating or updating your remittance and banking information. Required fields are marked with an asterisk (*).

1. Remittance address fields

• Address: Ariba Network shows your remittance address information under Remit To on generated invoices and in your company profile, which is visible to customers. Your customers use your physical remittance addresses if they're sending payment by mail.
• Contact: Choose one of the existing people from your account or create a new contact to associate with the remittance address.
• Make this address default: Choose this check box to make this remittance address the default for all invoices. You can always choose a different remittance address when creating invoices.
• Factoring Service: If you use a factoring service, the factoring company pays the amount of the invoice to the supplier as soon as the invoice is issued. Afterwards, the factoring company collects the payment from the customer by the official invoice due date. This service lets you get paid earlier than the due date. In exchange, the factoring company gets a commission based on the invoice amount.
• Remittance ID Assignment: Your customer might assign a Remittance ID to your company. If needed, enter Remittance IDs for this address for each of your customers, which allows them to refer to the addresses uniquely. Each customer can assign different IDs. Contact your customer directly if you did not receive a Remittance ID.
• Include Bank Account information in invoices: Choose this check box to show your banking details on invoices. Some customers require their suppliers to provide bank details on invoices. You'll receive an error message on the invoice if your customer requires it, but you haven't marked this box or added bank information to your remittance address.

2. Preferred payment methods

• ACH: ACH (Automated Clearing House) is a specific form of Electronic Funds Transfer (EFT) payment that is a United States federally regulated network for processing electronic payments. The ACH network acts as a transfer point for funds between different banks. ACH payments function similarly to paper checks: the signature of a person or institution authorizes the transaction, and if funds are not available there may be a fee or legal penalty.

  If you update your remittance address and ACH information, Ariba Network sends an ACH pre-notification (pre-note) to your bank. A pre-note is a zero dollar transaction used to verify the accuracy of the bank account information. The bank verifies the information in the pre-note and, if necessary, sends a notification of change (NOC) to Ariba Network. In that case, Ariba Network updates the remittance information in your account and sends you a notification informing you of the change. If the bank reports an error in the remittance information, Ariba Network sends you a notification requesting you to correct the information.

• Check: Your company prefers check payments.
• Credit Card: Advises customers to provide their credit card information to you for payments. At the bottom of the Create Remittance Address / Payment Info page, make sure to set Accept credit card to Yes.
• Wire: Your company prefers wire transfer payments.
• Cash: Your company prefers cash payments.
• Other: Your company prefers payment through another source.
• Supply Chain Financing: Supply chain financing allows customers to extend their payment terms while offering low financing rates to their suppliers, giving you a strong alternative to more traditional forms of financing. With supply chain financing, third-party funders provide you with financing by making early payments in exchange for discounts on the total invoice amount. You benefit from an increase in liquidity and timely, reliable payments.
• AribaPay: A fast, reliable way for your customers to pay you through Ariba Network. Your customer has to initiate this payment method.
• Credit Transfer: An order from you to your bank to transfer money to another account. A credit transfer can be made by phone, on paper, or online.
• Direct Deposit: A deposit of money by a payer directly into a payee's bank account.

3. ACH bank fields

• Account Name: The name associated with your ACH account.
• Account #: Your bank account number.
• Account Type: Choose Checking or Savings.
• ABA (American Bankers Association): The 9-digit routing number or routing transfer number used by banks to identify specific financial institutions in the United States. Be sure to contact your bank to find out your ABA because it isn't always the same as the routing number printed on bank checks.
• Bank Name: The name of your bank.
• Branch Name: The name of your particular bank branch. (For Australia customers, you can enter BSB number into this field)

4. Wire transfer bank fields

The Beneficiary Bank is your primary bank. The Corresponding Bank is an intermediate bank that facilitates international transactions.

• Account Name: The name associated with your wire transfer account.
• Account #: Your bank account number.
• Account Type: Choose Checking or Savings.
• Select bank id: Choose ABA Routing Number or SWIFT Code. ABA Routing Number applies only to banks in the United States. SWIFT Code, which is also known as a Bank Identifier Code (BIC), is an international bank code of 8-11 characters that's used to identify particular banks all over the world.
• IBAN (International Bank Account Number): This field displays only after choosing SWIFT Code as the bank ID. IBAN is a system used to identify bank accounts worldwide. An IBAN consists of up to 34 characters and is comprised of a country code, two check digits, and a number that includes the domestic bank account number, branch identifier, and potential routing information.
• Bank Name: The name of your bank.
• Branch Name: The name of your particular bank branch.
• Address: Your customers use the wire transfer bank address to send payment electronically.
• Bank Phone: The main telephone number associated with your bank.