[Advisors] Limit/Allow Client Payment Methods
While AdvicePay is designed to support both ACH (checking account) and credit/debit cards for convenient client payments, we also give you the option to limit the type of payments you'll accept from clients on your account.
Payment method restrictions can be placed on individual invoices when sending a payment request or applied to all clients. By managing your accepted payment methods across all clients, you can not only limit your clients to pay with a certain type of account but you can also limit what they see in their Billing settings.
You'll want to take advantage of this setting if, for example, you only accept ACH payments and therefore don't want clients to see a credit card option in their account!
Please note that you can only restrict the payment methods of clients assigned to you!
Clients of any other advisors on the Firm Account will not be affected unless the Advisor changes their settings within their account.
Manage Accepted Payment Methods for Your Clients
1. Go to Account Settings (under your top-right drop-down menu in your account) > Invoice
2. Under Payment Methods, select which payment method options you would like for your clients to see in their Billing settings and use when paying one-time invoices and subscriptions. Click Save.
Credit Card (Clients can make payments with credit/debit cards only. They will only see the ability to add credit/debit cards in their Billing settings.)
ACH (Clients can make payments with checking accounts only. They will only see the ability to add checking account information in their Billing settings.)
Check --(If applicable by the firm) Advisors can toggle this option "on" when the client is paying with a check but need to create an invoice to reflect this. It can also be deposited via our Online Check Deposit process (if applicable). Information added by the Home Office to submit a check is shared with the client if they log in to their AdvicePay account to see the invoice and try to make the payment. The above settings will auto-save when toggled on or off.
Note: Adjustments to this setting will not alter payment methods actively billing subscriptions or existing unpaid invoices. For example, if you change your settings to accept ACH Only while you currently have clients paying their subscription with a credit card, their subscriptions will continue to be successfully billed on those credit cards. However, when your clients visit their Billing settings they will be unable to add or replace their credit card with a new one.
Likewise, an existing unpaid invoice can still be paid with the payment method accepted at the time of its creation. If desired, this can be changed by editing the payment method on the invoice!