In order to expedite vendor payments and increase security,
Central Michigan University has implemented an accounts payable card program
using the VISA card platform and vendors will receive payment through this
method in the same manner as other card purchases. The primary benefits to vendors are the
expedited receipt of cash, increased efficiency by not having to deal with
paper checks, less exception handling by eliminating lost or reissued checks
and also increased security.
There are two enrollment options available through the
program that are available based on vendor needs. They are:
Option 1 (preferred):
Enroll in the virtual card program where you will receive a virtual card number through an email authorization and remittance advice when payment is issued. You initiate taking the payment.
Option 2: Provide a point of contact within your organization that will be able to keep the VISA account number on file. Upon receipt of an email remittance advice, you will be authorized to charge the VISA card in the same manner you would process other card transactions.
A vendor choosing not to be paid via this method will be
paid with 1.5%/N15 payment terms. This discount will be automatically
deducted from the payment prior to issue.