Dynamic Payment Method: Introduction

We are excited to introduce the Self-Service Payment Information and Registration Form Component in PaymentWorks, also known as Dynamic Payment Method (DPM). This feature is designed to give users enhanced control over configuring payment methods and terms while ensuring consistency and efficiency in the vendor registration process. With DPM, users can configure preferences, display conditions, and descriptions, creating a streamlined and user-friendly registration experience.

Feature Highlights

Self-Service Configuration

Dynamic Payment Method transforms how organizations manage payment methods and terms on registration forms. With this feature, users can:

• Map and configure payment methods/terms.
• Adjust the display order of methods.
• Highlight recommended payment methods.
• Customize display options and text for registration forms.
• Add opt-out fields for virtual card options.

PaymentWorks Configuration Tables

1. Payment Method Configuration Table:
   Map internal payment method values to PaymentWorks and customize their appearance on registration forms.
2. Payment Term Configuration Table:
   Simplify and map payment terms for consistent communication during supplier registration.
3. Registration Form Display Table:
   Predefine how payment methods and terms are displayed on registration forms, ensuring clarity and a tailored vendor experience.

Dynamic Form Component

Modernized registration forms feature:

• Bank Location: A list of supported countries for vendor bank locations.
• Payment Method/Term Selection: Configured based on the self-service mapping tables.
• Virtual Card Opt-Out Reasons: Reasons why vendors might opt out of virtual card payments.
• Interactive UI Display: New card-style tiles for payment methods with collapsible/expandable sections and markdown text for enhanced readability.

How to Upgrade to Dynamic Payment Method

New PaymentWorks Users

• The Dynamic Payment Method feature is added to registration forms by default.
• Administrators must configure the Payment Method, Term, and Display tables to activate the feature.

Existing PaymentWorks Users

1. Update Registration Form Display Tables:
   Complete the self-service display tables in both the Sandbox and Production environments.

2. Submit a Change Request:
   After completing the display tables, an authorized user must create a change request to enable the feature in the Sandbox environment.

3. Test in Sandbox:
   Use the Sandbox environment to validate the Payment Method selection process thoroughly.

4. Integration Adjustments (For Integrated Systems Only):
   If your system has live integrations, additional configuration may be required to align the API with new custom fields. Key fields include:

   • Bank Location
   • Payment Method
   • Payment Term
   • Virtual Card Opt-Out Reasons (Optional)

5. Go Live in Production:
   Once testing is complete, PaymentWorks will migrate the updated registration form to Production. Subsequent changes to payment methods/terms can be made through the self-service interface, without requiring further change requests.

Why Transition to Dynamic Payment Method?

1. Full Control Over Payment Methods:
   Edit and configure payment methods and terms instantly without relying on a lengthy change request process.

2. Encourage Preferred Payment Options:
   Highlight secure, recommended payment methods to influence vendor selection for improved business efficiency.

3. Enhanced Display Features:
   Use an intuitive card-style display to simplify the vendor’s decision-making process, improving navigation and understanding.

4. Improved Data Consistency:
   Ensure uniformity in data for enhanced reporting, analytics, and industry trend insights.

5. Seamless EarlyPay Integration (Optional):
   Essential for vendors interested in adopting EarlyPay for faster payment processing.

For a detailed overview, visit our Self Service Payment Information & Form Component Release Notes!