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ePayables at Penn: A New Way to Pay Our Suppliers
Purchasing Services and the Office of the Comptroller have partnering with Bank of America to implement a new ePayables electronic settlement solution that will streamline and automate the University’s supplier invoice payment process by transitioning from traditional paper checks to electronic credit card payments. In addition to benefiting the University, the ePayables electronic payment application will also make the Penn business relationship more cost effective for our suppliers by reducing processing costs and creating a more favorable business climate for both Penn and its suppliers.
Accepting Credit Card Payments Offers Advantages to Our Suppliers
Our approved suppliers will benefit in many ways as the ePayables credit card payment method becomes the official method of payment for supplier invoices. Suppliers can enhance their cash flow by accepting credit cards and competitive position by accepting this new payment method. Suppliers stand to gain many other advantages including:
- Enhancing cash flow by eliminating mail and paper check float, reducing credit approvals and collection activities
- Reduce risk by adopting a more secure payment process and exposure to check fraud by eliminating the need to give out bank information
- Remittance data transmitted with payment for a more efficient back-end reconciliation
- Increased productivity and reduce labor costs and administrative expenses associated with checks
- Requires no change to current invoicing procedures
- Support Penn’s Green Purchasing initiative by transitioning to a paperless payment process
Click here to learn more about the benefits of ePayables at Penn, how it works, and answers to frequently asked questions. Please use the IE web browser for this application.
Please direct supplier enablement questions to Vira Homick (Director of eBusiness) in Purchasing Services and invoice processing questions to Lisa Smith in Accounts Payable.
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