Clearinghouse settings determine how payment is transacted between buyers and sellers in private marketplaces (PMPs). The clearinghouse selected for each PMP relationship determines who sends out invoices to buyers and who makes payments to sellers for transactions made through that PMP. Buyers who are participating in at least one PMP can define clearinghouse settings.
To create or modify your Buyer Clearinghouse Settings, navigate to Admin > General Settings > Buyer Clearinghouse Settings. The following columns appear:
- Seller - sellers with PMPs in which the buyer is participating.
- Private Marketplace - the PMP with which the buyer is associated (note that a buyer can be connected to more than one PMP).
- Cleared by AOL - indicates whether AOL serves as the clearinghouse for the relationship.
- Last Changed - date on which the last change was made for the relationship.
- Change Options - buyers can propose changes to the seller.
Once on the page, buyers can also:
- Use the Search box to find a seller for a PMP and request a change to the clearinghouse.
- Request a change using the drop down menu. The seller will see the change request and will be able to approve or reject the request.
- If there is a change made by a seller, in the Change Status column, it displays the effective date.
- If the change is canceled by the seller, the effective date disappears from Change Pending.
The Buyer can cancel the change if desired as long as request shows Request Pending. Once the change request has been approved, the change status column is updated:
- Only users with administrative privileges can make changes for the organization.
- The tab is shown only if the buyer is connected with at least one PMP.
- The Buyer Clearinghouse Settings tab displays all sellers who are selling into PMPs to which the buyer is connected.
- If a seller makes a clearinghouse change, the effective date for that pending change is displayed on the grid.