University of North Carolina at Greensboro, in partnership with Bank of America, maintains an electronic accounts payable solution to facilitate post-invoice payments to our suppliers. This solution leverages a Virtual Payables commercial card account.
Three goals of this initiative are:
- 1. Gain Process Efficiencies in AP
- 2. Facilitate better working capital management
- 3. Reduce overall cost associated with processing check transactions
Our key suppliers are invited to start receiving payments through our Bank of America Virtual Payables 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 Payables 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
- 1. Dedicated Card Account – Vendor is issued a 16-digit virtual card account number and keeps this information on file. The last 4 digits of this card account number will accompany each payment received.
- 2. Secure Email Delivery – Vendor does not wish to house the 16-digit virtual card account number; instead, they can leverage a secure email process to access the full account number with each payment received.
To enroll in this payment arrangement, an authorized company representative can complete the Vendor Form and email your acknowledgement to email@example.com.