I guess I forgot to include that we would be the payee- anyway, I
appreciate all who responded
and help me to understand how this all get's put together, we are now in
the process of
contacting our bank and things are now falling into place.
Thanks again!
Anne
Brandon Bee
<bbee@wal-mar To: "'[EMAIL PROTECTED]'"
<[EMAIL PROTECTED]>
t.com> cc:
Subject: RE: 820 newbie question
02/26/01
12:55 PM
Are you the payee or the payor?
Basically there are two distinct purposes for the 820.
It can be used as a payment order to initiate a funds transfer. In that
case, as the payee, you are sending the 820 to your bank to authorize them
to release funds. They most likely already have an implementation guide
available for this.
It can also be used as a Remittance Advice that is sent from payor to payee
to notify the payee that "the checks in the mail" so to speak. It doesn't
necessarily relate to an actual electronic transfer of funds. The bank is
not involved in the Remittance Advice usage of an 820. It is simply
another
transaction between two trading partners, and they would do the testing.
If you are receiving payment via an 820, then the payor would be sending an
820 transaction to their bank to initiate payment. Your bank would receive
a wire transfer via Automatic Clearinghouse (ACH) transaction. Your bank
would notify you when payment was received. The bank actually receives an
imbedded form of the 820 payment order in the ACH transaction and some
banks
are better at providing that information to their customers than others.
Does that help?
> -----Original Message-----
> From: Anne Azzara [SMTP:[EMAIL PROTECTED]]
> Sent: Monday, February 26, 2001 10:52 AM
> To: [EMAIL PROTECTED]
> Subject: 820 newbie question
>
> Hello list,
>
> I need information on X-12 version 4010 820 payment remittance advice-
> basically not knowing how this all gets put together.......does the 820
> get
> sent
> directly to our bank, and if so who does the testing with the T/P - the
> bank ?
> What information would we need to supply or T/P with to set up this
> transaction set etc...etc...
>
> Any and all information would be greatly appreciated !!
>
> Anne Azzara
> EDI Coordinator
> Altana Inc.
>
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