Accounts Payable | Virtual Payables Card Initiative
Virtual Payables Card Initiative
About
University of North Carolina at Greensboro, in partnership with J.P. Morgan, maintains an electronic accounts payable solution to facilitate post-invoice payments to our suppliers. This solution leverages a Virtual Card commercial card account.
Three goals of this initiative are:
- Gain Process Efficiencies in AP
- Facilitate better working capital management
- Reduce overall cost associated with processing check transactions
Our key suppliers are invited to start receiving payments through our J.P. Morgan Virtual Card instead of by check or other payment methods!
University of North Carolina at Greensboro will set payment terms for Virtual Payables payments to Net 15. Default check payments will be paid at Net 45 terms. Virtual Card payments is the most expedient method of payment available to UNCG vendors!
Benefits to our Vendors that sign up for Virtual Payables are:
- Accelerated and guaranteed payment which improves cash flow
- Reduced paperwork and streamlined accounts receivables process
- Real-time notifications for each card payment
- Complete remittance detail to support efficient receivables posting
- No changes or modifications to your existing card acceptance procedures
Vendor Options
- Virtual Card Payments – Vendors are issued a unique 16-digit virtual card account number for each respective payment. Virtual Cards are single use and have 3 years from issuance to be claimed.
- Secure Email Delivery – Vendors will receive their card numbers and access information by secured email for each payment received.
To Enroll
To enroll in this payment arrangement, please contact J.P. Morgan’s Virtual Card Enablement Services at:
- sua.supplier.enrollment@jpmorgan.com
- 1-877-263-5188