What Is NWEDI EDI Payments Flex? - Calm CFO (2024)

Nationwide Payment Solutions is a third-party processor that offers merchants access to accounts and processing services for transactions. The company was founded in 2002, and it is currently a division of EVO Payments International.

Flex provides online supply chain expertise that helps to launch new ideas or expand current capabilities. This company provides real-time information systems that deliver more response visibility throughout production and delivery.

By combining the independence of third-party processing with an e-commerce solution that integrates transactions, it is much easier to ensure invoices and purchases are received and processed accurately.

What Is NWEDI EDI Payments Flex?

NWEDI EDI Payments Flex is a credit or debit card charge seen on statements after a transaction concludes. It uses Web ID: 7314177102. NWEDI stands for “Northern Waterfront Development Initiative. This payment reflects an authorized amount to Nationwide Insurance through a procure-to-pay transaction.

Flex delivers an e-commerce solution that fully automates and integrates a procure-to-pay transaction. It allows businesses to forecast orders, provide shipment notifications, and produce invoices.

These benefits allow Flex’s clients to create competitive environments that improve speed, expenses, and risk factors. Fewer errors are in the accounting chain, ensuring that information runs in real-time with greater accuracy.

Most people see the NWEDI EDI payments (or pymnts) flex transaction when paying for their Nationwide insurance policies. Any business can benefit from having Flex as a partner, however, because of the benefits that EDI solutions offer.

What Are the Benefits of EDI Invoicing?

EDI invoicing is part of the NWEDI EDI Payments Flex transaction. It’s an indication that the purchase occurred online. Many businesses use this option because it can be used for automatic payments, subscriptions, or one-time purchases.

It’s convenient for customers while providing a legitimate income stream for merchants. Here’s a closer look at the advantages this technology offers.

  • This invoicing option reduces the overall cost of doing business in an ever-evolving online landscape.
  • It delivers better supply chain visibility while offering higher data integrity implementation.
  • It eliminates the need to have manual interventions while reducing the time it takes to process invoices.
  • This platform supports on-time payments to partners while improving cash flow cycles.
  • Paperless transactions are part of the solution.

Nationwide Payments offers electronic payment acceptance for vendors of all shapes and sizes. It allows for mobile payments without the need of having a separate gateway or contract to manage finances.

You can swipe transactions, capture signatures, and offer email receipts with this solution. If a card doesn’t process, you can key-enter transactions, view them, or use the void feature.

The goal is to focus on running your business instead of worrying about running batches or ensuring you’re up to date on your latest processing agreements.

How Much Do Payment Gateways Charge?

Payment gateways are tools that validate a customer’s credit or debit card details. This process ensures that money is available in that account so that a business gets paid.

The gateway authorizes the credit or debit card payment for online or offline transactions. It’s the point-of-sale terminal without being one, allowing consumers to submit their payment details to a merchant, who then requests the same from the bank.

It is the payment gateway that says whether charges are approved. Once the approval is secured, the costs are submitted for settlement.

Gateways are different than a payment service provider, or PSP. These companies provide several services that ensure merchants get paid.

If your business uses this option, the money from each transaction goes to the PSP before getting transferred to you.

The gateway follows three steps whenever an online payment occurs during a transaction sequence.

  1. When customers navigate to the checkout process, they enter their credit card details. The payment page will either securely transfer details for transfer or be entered directly on the gateway’s page.
  2. After the payment information is submitted, it gets transferred to the payment processor to verify the details.
  3. Once the information goes to the customer’s issuing bank, the authorization makes its way back to the gateway to ensure payment is authorized.

Nationwide Payments is one of several gateways that merchants can use to accept different payment forms.

When the transaction ID doesn’t match what people expect, the information can cause some concern. It helps to publish how your charges will be seen.

Customers don’t always see the cost of the authorization. Some merchants add a small percentage to the transaction (typically 2% or less) to cover the expense. You would see the added amount included in the NWEDI EDI Payments Flex transaction.

What Is Needed to Get Started with a Payment Gateway?

Before merchants can start taking payments with a gateway in the United States, they typically need to have these four assets.

  • A bank account in good standing with an institution on American soil.
  • A complete business plan, including a summary of what products or services are offered to customers.
  • An online presence, such as an e-commerce site, with clear terms and conditions.
  • Management accounts with profit and loss projections that stretch out for at least six months.

When you work with a payment service provider, the requirements are less stringent. You typically need an email address, a bank account, and basic information about the company to get started.

Once you have everything finalized, you can begin processing transactions. Your identification appears on the credit or debit card statement saying NWEDI EDI Payments Flex if you use that gateway to process purchases.

How to Handle Unauthorized Credit Card Charges

If you don’t have a receipt or a record of submitting a transaction that would come back as an NWEDI EDI Payments Flex transaction, it might be helpful to treat it as an unauthorized charge.

Although an unauthorized credit card charge can be scary (and a hassle!), you won’t need to pay for them if they’re found and reported immediately. The best way to spot these problems is to pay close attention to each transaction on your statement.

It doesn’t have to be big or small to be out of line with your spending habits. Instead of waiting for the monthly statement, check on your charges about once per week to see if anything seems to be out of the ordinary.

Most unauthorized charges come from credit card theft. Your card doesn’t need to be in someone’s possession for it to be used. A compromised number can be used for online purchases.

Some unauthorized charges occur because of programming glitches or clerical errors. Never assume that someone else will find a mistake.

When you locate and report suspicious charges quickly, you’ll be minimizing your liability. Just remember to make sure that a joint account holder didn’t authorize them before proceeding.

The Fair Credit Billing Act says that consumers should report credit card billing errors and unauthorized charges to the issuer within 60 days of the statement containing the problem.

If you wait longer than that, the dispute doesn’t need to be found in your favor, even if you didn’t buy anything.

Follow Your Dispute with a Letter

It helps to report all unauthorized charges. Even if the amount is $1 or less, it’s common for scammers to test an account by sending a small amount. Once it gets approved, they’ll follow it up with a much larger figure.

When you dispute a charge online, follow it up with a letter sent to the issuer. Use it to explain the unauthorized charges, reference your phone call or online activities, and include the names of people who you have already discussed the matter with to ensure your issues are addressed.

Some credit card companies what you to try resolving an unauthorized charge with the merchant.

When you see the NWEDI EDI Payments Flex transaction appear, a phone number next to it will let you call that company.

It’s also possible for unauthorized amounts to be “spoofed,” or made to look like they come from a merchant you might use.

How Can I Protect My Rights?

In the United States, credit card holders can be held liable for up to $50 of unauthorized charges before reporting a missing credit card.

Most credit card issuers and financial lenders have a zero-fraud liability policy or benefit that removes this liability.

The Fair Credit Billing Act specifically states that you won’t be liable for unauthorized charges if the card is in your possession.

In most situations, the best thing you can do is to report a lost or stolen credit or debit card immediately to reduce your liability. Review your statements for potential problems and contact the appropriate lenders or institutions as soon as an error gets noticed.

The goal is to avoid trying to assign blame. Stick with the facts, be aware of what happens with your accounts, and don’t put off notifications.

What About Freezing a Lost Credit Card?

Freezing a credit card is an option when you see an NWEDI EDI Payments Flex transaction that doesn’t make sense. It allows you to press the figurative pause buttons on new purchases with that account until you can verify the information is accurate.

You don’t need to have a lost credit card to request a freeze. If you want to stop your spending on that specific account, you can use this option to prevent it from being used. There is no charge or penalty for freezing accounts, and you can unfreeze them whenever you want without impacting your credit score.

If there is an unpaid balance on the account, it will continue to accumulate interest each billing period until the obligation is met.

Freezing a credit card is ideal when you know that you’ve misplaced it. Once it is found again, you can remove it.

A credit card freeze is different than freezing your credit. When your identity is potentially compromised, you can take an action to “freeze” your profile to prevent new accounts from being approved. Although there is no guarantee that a lender won’t issue credit to someone anyway, most will not because they can’t access your information without permission.

A credit freeze makes it difficult to apply for a mortgage, obtain a loan, or get a new credit card, but that’s also the point.

If you see NWEDI EDI Payments Flex transactions in multiple locations without a way to verify the purchases are real, it makes sense to use a credit freeze instead of addressing all your credit cards. Report the issue to each one, dispute the charges as needed, and you’ll be on your way to keeping your finances in order.

Do I Need to Worry About NWEDI EDI Payments Flex Transactions?

Anyone seeing an NWEDI EDI Payments Flex transaction should review their receipts to see if the amount matches a recent purchase. Although Nationwide is a common merchant in these purchases, it could also come from a small business using a payment gateway to manage their money.

When I had my business credit card stolen in 2010, it didn’t take long for the thief to start racking up charges. I had a monthly spending limit of $10,000, and they took full advantage of that structure.

Charges for a movie rental place in Australia, a full car wash and detail, and glass shelving units came across my desk for approval.

I contacted our accounting department immediately to say they should be contested, and my card was reported as stolen.

After reporting it that day, the bank we used failed to put a stop to the spending spree. They didn’t even honor the $10k cap. Before everything was over, the thieves had used my card information for nearly $400,000 worth of merchandise.

I had to sign an affidavit for every fraudulent purchase that I didn’t make it. There were over 400 documents to review that day, with a dozen attorneys in the room.

After filing the police report and getting the disputes in order, about half of the fraudulent purchases were eventually recovered. They caught the thieves, and they were sentenced to seven years in prison.

Even when you act quickly, there isn’t a guarantee that the fraudulent behavior will stop. That’s why you need to protect your best interests by researching suspicious transactions.

If you can’t match the NWEDI EDI Payments Flex with an actual purchase, call your bank or card issuer immediately.

What Is NWEDI EDI Payments Flex? - Calm CFO (2024)

FAQs

What is Nwedi EDI payment? ›

An “EDI payment” is just a payment that happens to include data that's in the Electronic Data Interchange (EDI) format. EDI is meant for exchanges of information between computers or other technology devices. Here are a few types of documents that can be used and managed with EDI: Purchase orders.

What are EDI payments on my bank statement? ›

An electronic data interchange (EDI) payment is a common type of electronic payment that uses a standardized format for businesses to exchange payment data computer-to-computer. Standard types of documents that businesses send through EDI include: Inventory and customs documents.

What is EDI Pymnts Flex? ›

EDI invoicing

Flex offers an Electronic Data Interchange Invoicing solution to fully automate and integrate Procure-to-Pay transactions: forecast, purchase orders, shipment notifications and invoices. This will create a more competitive environment for our partners in areas of cost, risk and speed.

What does EDI stand for in banking? ›

Electronic Data Interchange (or EDI) is the electronic exchange of information that businesses need in order to process their financial transactions. EDI was created to help businesses communicate more efficiently and improve the supply chain by moving from paper processes to electronic.

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