Our suppliers are valued partners who help the university achieve operational excellence day in and day out. One particular aspect of these partnerships focuses on solutions that protect NC State from security breaches through secure payment strategies. In this context, NC State’s payment strategy is guided by the following key objectives:
- Increasing efficiency and transparency
- Reducing risk and maintaining compliance in a world fraught with cyber risks
- Generating revenue
- Reducing expenses
- Promoting supplier adoption
With these goals in mind, since July 1, 2020, we have adopted the following payment methods, in order of preference:
- We will pay all suppliers with card payments first. Our card payments are a highly secure means of payment through our card provider, Bank of America. Suppliers who accept a card payment will receive payment very quickly (within 15 days). Their banking information will not be stored in any University Systems.
- For those suppliers who do not choose a card payment, we will pay all suppliers through Paymode–X. Paymode-X is a payment network that specializes in ACH, check and wire payments with 400,000 merchants already enrolled, and that processes hundreds of billions of dollars in payment each year. Paymode-X comes in two varieties—a basic and a premium model. A supplier who chooses not to enroll in Premium Paymode–X will be paid by ACH through Basic Paymode-X, with all the same security benefits. The suppliers’ bank account information will not be stored on the University’s financial system, but in the Paymode-X Network.
- If a supplier cannot, or will not accept one of the prior methods of payment, it is possible to receive a paper check from the university, however, we will make that payment within 45 days of request.
- As a part of the Payment Strategy implementation plan, existing NC State suppliers who have not yet enrolled in Paymode-X will have the option to accept payment through in-house ACH until December 1, 2020. However, all new suppliers will be encouraged to accept card payments first or enroll in either premium or basic Paymode X.