The University of Mary Washington offers an electronic payment option to all vendors and suppliers through Bank of America’s ePayables virtual card solution. Vendors who are registered and participating in the ePayables program will receive Net 16 payment terms.
NET 16 DUE DATES
Primary benefits to Vendors for receiving an ePayables Payment include:
- Expedited receipt of cash – Vendors will receive a Remittance Advice (payment authorization) email on the payment due date (net 16 days) immediately authorizing them to charge the card account for the total amount of the invoices. These funds are guaranteed funds through the Credit Card network and typically are deposited as available funds within 1-2 business days.
- Increased efficiency – Process will be entirely electronic. Vendors will no longer receive paper checks or paper remittance information. Vendors will no longer have to deposit physical checks in the bank and wait for it to clear. Also, the Remittance Advice 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 associated with resolving issues and concerns.
- Increased security – Less paper, fewer human touches, no sharing of bank account information for ACH payments, etc. All leads to a more secure process for both UMW and the Vendor.
- Requires no change to current invoicing procedures.
- Environmentally friendly–Paperless, electronic payments are more secure, save money and help to conserve the environment by eliminating printing and mailing of paper checks.
Please note that your standard merchant credit card processing fees will apply.
Please email firstname.lastname@example.org or call 540-654-1226 to learn more or enroll in ePayables. One of our representatives will contact you with additional information.
For more information, please visit Bank of America’s ePayables (“Virtual Payables”) website