July 2023 Update: NetSuite, Enhanced EU/UK Notifications, FTIN Validator Upgrades & more

From two-way sync with NetSuite to DAC7 compliance to bolstered security for our EU/UK users, we’re taking giant leaps forward! 🦘

Our mission at Trolley is to continually innovate and perfect our platform, making it an indispensable tool for your and your teams. Whether you’re juggling international payments, adhering to intricate tax regulations, or streamlining your accounts payable process, we strive to deliver a product that adapts to your demands.

Every month, we’re thrilled to provide this digest – your one-stop-shop for all things new and exciting at Trolley. We’re not just making changes; we’re evolving, optimizing, and breaking barriers to tackle your payout challenges.

But enough of the build-up. Let’s jump into the thick of things – from significant updates to minor tweaks that enhance your Trolley experience. And remember, you can always deep-dive into these updates on our blog.

So, grab your coffee, sit back, and let’s explore what’s new and juicy in the world of Trolley this month…

To get started now, login to the Trolley platform. If you’re looking for more details, keep reading or book a demo of any features you think will add value to your payout workflow.

Bi-Directional Sync with NetSuite Now Live

We’ve integrated one of the most requested ERPs into our Sync suite. Bills from your NetSuite account can now be auto-imported into Trolley and, once settled, are auto-marked as paid.

Read our launch blog post here or connect your NetSuite account to Trolley here.

Default Security Notifications for EU/UK Merchants

Following local compliance requirements in the EU and UK, we have updated the security notification settings, which will now be enabled by default for all EU/UK customers. The following notifications are now enforced in the notification settings for merchant users in the EU and UK :

• User created
• User deleted
• User settings updated
• User password reset

Merchants in all the other regions can access and enable these security notification features in their Trolley Settings.

Revamped W-8 Foreign TIN Validation

We have updated our W-8 FTIN validators, making their validations more robust and broadening support to more countries:

1. We’ve improved FTIN validation for 73 countries that already had basic validation.
2. We’ve added validation for 88 countries that had no validation rules previously. 

Depending on the country, our FTIN validators now check TINs against parameters like:

• Length
• Character type (digits, letters, etc)
• Character position (e.g. must have digit 1-6 as the first character)
• Checksums
• Compare recipient type to FTIN type (e.g. if a recipient filled out a W-8 BEN, the FTIN should be an individual FTIN, rather than a business FTIN)

Trolley Sync Now Offers True Two-Way Sync

Users of Trolley Sync can now have their bills marked as paid in their ERP or accounting software as payments are sent. This now makes our Sync product bi-directional, by automating bill and recipient creation and then marking them as paid. Read our detailed blog post with Shryia, the Sync product manager here.

Recap from last month

1. DAC7: Last month we launched DAC7, our extension for tax compliance in Europe, making our tax product multi-jurisdiction and adding support for all 27 EU member countries. Online marketplaces paying suppliers in Europe can now ensure full end-to-end compliance. Check out the detailed press release here.
   
2. SDK Updates: As announced earlier in May, we are revamping our SDK’s and you are REQUIRED to move to the new SDK’s here. We will be sunsetting the support for old SDK’s by the end of October, so please do plan this in your backlog ASAP. You can read the detailed instructions in our blog post here.

Other Upgrades

We also have some additional updates designed to take your workflows from okay to truly extraordinary! 🌟

• One-click invoice clearing: You can now pay multiple invoices to different recipients via a single action. When you select multiple invoices and click on “Pay Invoices,” Trolley will now automatically group and pay all the invoices for each unique recipient.
  
• Tiered Risk Score Labels in Trolley Dashboard: Risk scores are now displayed as a 3-tier label value (High, Medium, or Low) for easier interpretation. They are also sortable, filterable, and included in the recipient CSV report.
  
• Filterable API Logs: We are adding filters to your Trolley API logs. Easily filter your logs by date, URL, status, and IP address.
  
• Venmo now Available by Default for all US Merchants: We are opening up Venmo support to all US merchant accounts on Trolley. Refer to our help article to get started on your own.
  
• Payouts to Bulgaria Enabled for European Merchants: Merchants based in Europe can make payouts to Bulgaria via wire transfer.
  
• Added PayPal Support for Bahrain, Ivory Coast, and Turkey: Sending PayPal payouts to Bahrain, Ivory Coast, and Turkey is now available within Trolley.
  
• New ID Requirements for Colombian Recipients: To improve the reliability of our services in Colombia, we have now required all recipients in this country to provide national IDs, which should improve the deliverability rate of payments.
  
• Direct Upload of Compliance Documentation: Merchants and recipients can now provide documents that are required for compliance purposes directly to Trolley via the merchant dashboard or recipient portal.

Want to know what else we’ve been working on? Check out Trolley’s November 2023 updates.

Interested in how Trolley can help you pay your global recipients? Book a demo.

Trolley is a full-featured payout and contractor tax solution that can automate your workflows. If you have questions about how we can help you streamline and enhance your existing processes, reach out to Trolley’s sales team or your customer success manager to learn more.