The Purchasing Department and Accounts Payable have teamed up to initiate a new comprehensive payments program designed to strengthen NC State supplier relationships. The payment processes are:
VIRTUAL PAYABLES
Electronic supplier payments via credit card.
Offered by Bank of America
PAYMODE-X
Largest B2B electronic payment network.
Offered by Bottomline Technologies
During the next three months (Aug, Sept, Oct), we are conducting supplier enrollment campaigns for both programs simultaneously.
Benefits for Suppliers
- Faster receipt and application of cash through secure credit card or electronic ACH payments
- Access to detailed remittance data
- Streamlined access to payment inquiry, reporting and payment tracking
- Reduced need to exchange sensitive documents
- Enhanced security around sensitive bank account info
Benefits for NC State
- Valuable dividends (rebates) on most payments
- Reduced need to acquire and maintain supplier bank and account information
- Gains process efficiencies by converting paper-based transactions to electronic ones
Your suppliers may have questions about the enrollment information they are receiving. Please refer to our frequently asked questions pages for the Virtual Payables program and for the Paymode-X program respectively.
This payment strategy has the approval of NC State leadership. See memo signed by the Vice Chancellor for Finance and Administration.