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How to Make Payments with Mimo
How to Make Payments with Mimo
Emelie Rantatalo avatar
Written by Emelie Rantatalo
Updated over 2 months ago

Introduction

This comprehensive guide covers the available payment methods for paying invoices and payrolls with Mimo. You have three options: Bank Account, Mimo Balance, and Mimo Flex. The steps for each payment method are explained below.

Bank account [Open Banking]

What is Bank Account?

Bank Account is one of the payment methods available on the Mimo platform, processed securely via our Open Banking partner, Plaid. Open Banking allows businesses to make direct payments from their bank accounts through a secure connection, eliminating the need for manual transfers. If your bank supports Open Banking, Mimo will transfer the full payment amount from your house bank account to the payee.

For your first payment, it’s recommended to enable Open Banking in your house bank if applicable, and add the Mimo Balance account as a beneficiary. You can find the account details under Accounts > Balance in the platform. To ensure everything runs smoothly, it’s a good idea to start with a small £1.00 transfer, which can be withdrawn immediately if you prefer not to leave it in your Balance account.

Making Payments with Bank Account [Open Banking]

Once you’ve completed the steps above, you’re ready to make your first payment using your bank account via Open Banking. To do this, go to the Pay page, select one or multiple invoices, or upload a payroll file, then mark them for review. Next, choose Bank Account as your payment method and press Pay.

For the first payment, you will be redirected to the payment flow via Plaid after selecting your House Bank and reviewing any potential bank limits, as in the image below. The payment will then be authorised through Plaid and marked as complete. Note, when using this payment method for scheduled payments, please note that funds will be withdrawn immediately, even if the payment is scheduled for a future date.

Good to Know

If the payment initiation via Plaid is unsuccessful (e.g., due to insufficient funds or delays in fund processing), and we do not receive the funds within one hour, you’ll receive an automated Payment Alert Notification to your email. Thereafter, you can resume the payment via the Pending Payments section.

Mimo Balance

What is Mimo Balance?

Mimo Balance is another payment method available within the Mimo platform, functioning as a digital wallet for businesses. For now, it allows you to top up funds in either EUR or GBP, which can then be used for payments such as invoices and payrolls. If needed, you can also withdraw funds from your Mimo Balance account. This makes it a convenient and flexible option for managing your business payments. Find available balance and account details under Accounts > Balance, as shown in the image below.

How to Top-Up or Withdraw from Your Mimo Balance

To top-up or withdraw funds from your Mimo Balance account, start by clicking “Add Balance” in the upper-right corner of the Balance page. Next, select the account you want to top-up or withdraw from, such as EUR or GBP. You’ll then see the account details for the selected currency and can choose whether to add or withdraw funds. After that, simply enter the amount and click “Add Balance” or “Withdraw Balance” to complete the transaction.

Making Payments with Your Mimo Balance

Once you’ve added funds to your Mimo Balance account, you can start making payments in either EUR or GBP, depending on which account you topped up. To initiate a payment, go to the Pay page. From there, select one invoice or several at the same time, or upload a payroll file. Mark it for review and choose either your EUR or GBP balance as the payment method. Then, press Pay and you’re all set.

Note: If you’re scheduling a payment for a later date, follow the same process, but make sure you have sufficient funds in your account on the scheduled payment date.

Mimo Flex

What is Mimo Flex?

Mimo Flex is a pay-later service available within the Mimo platform, designed to help eligible businesses manage cash flow by deferring invoice payments. With Mimo Flex, you can delay payments to suppliers by 30 or 60 days, allowing for greater flexibility in managing finances. Mimo pays the supplier when you schedule the payment, and you repay Mimo on the deferred date, with a clear, fixed fee.

Mimo Flex is available exclusively to selected businesses, subject to credit approval. You can apply for Mimo Flex either during onboarding or later by contacting our support team. If you are eligible for Mimo Flex, you can find your activity, including an overview of your available credit, credit spent, and statements under Accounts > Mimo Flex.

Making Payments with Mimo Flex

Once your business is eligible for Mimo Flex, you can start using it to make payments. To do so, go to the Pay page and select one or several invoices, then mark them for review. After that, choose Mimo Flex as your payment method. You will have the option to defer the payment by 30 days or 60 days, and the associated fee for each option will be displayed next to them. Once you’ve made your decision, press Pay, and you’re all set.

Mimo will pay your supplier immediately, and you will repay Mimo either 30 or 60 days later, depending on the option you selected. You’ll receive a notification before your repayment is due, and the repayment will automatically be taken from your connected business bank account on the deferred date.

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