Accounts Payable
Vendor Payment Methods
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The 91社区 has implemented a new disbursement management system to facilitate payments to vendors.听 This system leverages the most cost effective and secure payment strategies to ensure that payments are made to vendors in a timely manner, and risks of fraud or misuse are minimized.
The following are the primary vendor payment methods employed by 91社区.
Virtual card
91社区 has partnered with FIS Integrated Payables to streamline the payment process by offering virtual card payments.听 It works just like a credit card payment.听 Vendors are sent a secure, one-time use 16-digit credit card number to process for payment with detailed remittance information.听 There is no plastic card sent.听
This program is being offered to enhance and improve our payment processes and enrollment is voluntary.听 Vendors who decline to enroll can receive payment by Automated Clearing House (ACH).听 The benefits of accepting card payments through our program include faster payment delivery and elimination of lost or stolen checks without the need to provide your banking information.
ACH (direct deposit)
ACH is the preferred payment method for vendors unable to accept payment by virtual card.听 ACH payments are processed by our partner, FIS Integrated Payables, directly to the vendor鈥檚 U.S. bank account using the Automated Clearing House (ACH) financial network.听 FIS offers an easy-to-use, secure portal, through which vendors can register for ACH payments and manage their bank account details.听 There is no cost to vendors for using FIS and benefits include faster payment delivery and elimination of lost or stolen checks.听
Procurement card (p-card)
The University procurement card (p-card) program facilitates the purchase of goods and services when a purchase order is not required.听 The p-card is an efficient payment mechanism that is recommended to avoid out-of-pocket expenses for employees and to guard against fraud.听
Paper check
Paying by check is costly and a highly inefficient process for all parties involved.听 Paper checks are printed by our off-site payment partner and sent through the U.S. postal mail to the remittance address as indicated on the vendor鈥檚 invoice.听 Due to the complexities of cashing checks in foreign countries, checks are not issued to addresses outside the United States.听 Electronic payment options are strongly preferred to mitigate the potential for lost checks and check fraud.
Wire transfer
Because payments by wire transfer are generally irrevocable and more expensive than other payment methods, domestic wire transfers are limited to extremely rare circumstances that justify the higher cost and risk.听 International wire transfers are only used to pay vendors without a domestic bank account that cannot practically accept payment by p-card.听 All requests for payment by wire transfer must be approved by the director of University accounting.听