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Ryan Gearyon 31 January 2014
Transcript of Payment Processing
We are the final step in paying suppliers!
Invoices Upload in Infinium
Invoice Sessions are proofed and posted
Payments are processed
Types of Payments:
Treasury funds Accounts Payable's ACH account daily
Supplier name, address, and remittance information are printed on check stock.
Electronic payment issued as a one-time use credit card.
Small transaction value payment in the form of credit card.
Funds are deposited into suppliers' bank accounts.
P-Cards payments generate revenue for the company.
Suppliers are paid at the time services or goods are ordered.
The majority of payments issued by AP are still done through paper checks.
ACH reduces processing costs.
ACH payments are
deposited into the supplier's bank account.
Select method of payment
Change Net and Discount due date
Fix errors if necessary
Add invoice to payment cycle
89% of AP payments are issued by checks, and 11% are a combination of V-Card and ACH.
A total of 1,139 suppliers are enrolled in the V-Card program with an annual spend of $116 million.
Secure Check Payment
Check stock is stored in a secure room with limited personnel access.
Check stock serial number is logged.
and positive pay
Checks are printed and mailed on the same day.
Checks are issued based on vendor terms in Infinium.
Any supplier that accepts credit card payments is eligible to participate in the V-Card program; preferably, high spending vendors.
Suppliers that do not accept credit card payments can be enrolled in the ACH program.
Suppliers can send emails for V-Card inquiries to a designated email inbox.
Two FTEs manage the virtual card process.
One FTE manages client's inquiries and requests related to payment processing.
V-Card payments generate revenue for the company.
V-Cards is a faster payment method. Suppliers receive payment notifications as soon as the payments are issued.
V-Card payments are automatically delivered to suppliers via secure email, unless the vendor requests payments by phone or fax.
If a transaction is under $1000.00, departments can pay the supplier using their credit card.
Use ACH credits and
avoid ACH debits.
Electronic Payment Fraud
Ways of Prevention
2013 rebate revenue for P-Card and V-Card: $2,876,334
$.01 Deposit Test
V-Card payments are notified to suppliers through a secured e-mail.
Accounts Payable paid a total of $1,717,084,902 in 2013.