Payment Approval Form Template

Tips For Using the Payment Approval Form Template

Introduction

Manual approval processes in the payment sector can be an arduous task and take a long time to complete. Automating this process via an online payment approval form provides more control, and transparency and speeds up the approval process. 

With our free-to-use payment approval form templates, you quickly create new workflows for your approval process, by customizing any of your preferred templates instead of designing one from scratch.

With our payment approval forms, you can authorize payments straight from your bank account to vendors, suppliers, business partners, etc. All that is required is that they input the required details.

What is a Payment Approval Form?

A payment approval form is a document authorizing payment for a transaction to a business or an individual. Payment approval forms are used by management to have some sort of control over the funds available and disburse them based on a priority schedule.

How Do I Create a Payment Approval Form?

To create your payment forms with any of our templates, follow these few easy steps:

Step 1: Sign up with Formplus to create your user account for free.

Step 2: Select a template from the array of payment approval form templates on our website.

Step 3: Edit your template with our code-free drag-and-drop form builder to suit your unique specification.

Step 4: Choose your preferred mode of sharing; from embedding the payment form into your website or social media handles or sharing via a link, QR code, or email.

What is an Approval Process?

An approval process is the steps or set of rules laid down by a business, that must be adhered to before any form of payment can be approved. The parameters for payment approvals differ from one organization to another, however, there are some generally accepted processes for authorization in most organizations and they involve; 

Creating a workflow using payments approval form templates as we have in Formplus.Since our forms are editable, you can make any changes to the forms as you deem fit. Our forms are cloud-based which facilitates seamless collaboration, hence once the request for approval has been initiated, those in charge of authorization can approve payments from any location.

What Information Do You Require Before You Approve an Invoice for Payment?

Details like the payment description signifying what the payment is for, the payee's name, address, Tax ID number, the purchase order form, and the signed payment approval form authorizing payment for the invoice.

What Should Be Done if an Approver is on a Long Leave and an Invoice is Pending For Payment?

In the event that an approver is not available, automatically the invoice is routed to the second in command as set up in your approval workflow. 

Conclusion

Workflow approval processes are a part of every organization. Automating this process via our online payment approval form can improve your efficiency as a team while you manage your payment operations flawlessly.

 Try Formplus payment approval form templates for free today to customize and automate your approval processes.