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Vendor Payment Methods
Please note: If you are a vendor that currently receives electronic payments for all your sites, no action is needed in response to the email sent on October 12, 2009.
The University of Virginia recognizes the importance of expediting the payment process for our vendors and suppliers. In the near future we will be making all payments electronically. (We will be charging a 0.5% administrative fee for paper checks stating no sooner than Jan 1 2009.) We are asking our vendors and suppliers to enroll in the Bank of America’s Ghost Credit Card process (ePayables) or electronic deposit to your bank (PayMode) so that future payments are made electronically.
ePayables
Primary benefits to Vendors for receiving a Ghost Credit Card Payment include:
- Expedited receipt of cash – Vendors will receive Remittance Advice (payment authorization) email on or around the payment due date (net 20 days) immediately authorizing them to charge the card account for the total amount of the invoice. These funds are guaranteed funds through the Credit Card network and typically are deposited as available funds within 1-2 business days.
- Increased efficiency – Vendors will no longer receive paper checks nor paper remittance information. Process will be entirely electronic. Vendor will no longer have to deposit physical checks in the bank and wait for it to clear. Also, email will contain all the information most vendors need to efficiently apply their payments in their A/R system.
- Less exception handling – This process eliminates the common problems of lost/re-issued checks, unpredictability of payment receipt (“when am I going to get my check?”) and all the calls, emails and faxes that go along with this.
- Increased security – Less paper, fewer human touches, no sharing of Bank Account information, etc all leads to a more secure process for both UVA and the Vendor.
However, please note that your standard merchant credit card processing fees will apply.
- For ePayables signup - please email uva-prs-boa@virginia.edu and one of our representatives will contact you with additional information.
PayMode
Primary benefits to Vendors for using electronic deposit to your bank account include:
- Fits with existing systems and banking practices – PayMode requires no purchase of software, no modifications to your existing accounts receivable systems, and no changes to your bank or bank accounts.
- Includes detailed remittance information – PayMode enables delivery of digital remittance information along with the payment for easier reconciliation.
- Saves time and money – PayMode reduces the labor, hassle, expense, and risk associated with checks and other traditional payment methods. There is no charge to receive a payment from us via PayMode.
- Enhances cash flow – Electronic payments through PayMode provide cash flow benefits by eliminating mail and paper check float.
- History of payments – A detailed history of all PayMode payments from The University of Virginia will be at your fingertips on the PayMode website.
- It is easy to sign up and get started – Enrollment in Pay Mode is simple and takes less than ten minutes.
- Early payment terms – With the efficiencies of electronic payments we can offer payments earlier than 30 days for a discount. In the current economy this is an opportunity for you to affect cash flow. (Example 2% 15-Net 30)
- Additional information – For additional information or to sign up for electronic PayMode payments go to: www.bankofamerica.com/paymode/universityofvirginia
Should you require personal assistance or have additional questions, please contact the Payment Processor Specialist group at The University of Virginia by calling (434) 924 4212 or emailing uva-prs-boa@virginia.edu
For PayMode signup - please go to: www.bankofamerica.com/paymode/universityofvirginia. To update your registration information and/or your payment methods go to the Vendor Registration Form