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How the ePayables Payment Solution Works
The ePayables solution works as follows:
- The Authority provides a dedicated VISA credit card number, expiration date and 3 digit CVV2 value to the Supplier to keep on file.
- The Supplier sends an invoice to the Authority.
- The Authority approves the invoice and orders payment.
- The Supplier’s VISA credit card account is funded with the payment amount.
- The Supplier receives notification via email. Suppliers can elect to have notification sent to one or more email addresses.
- The Supplier processes payment on the VISA credit card account for the exact amount.
The cost associated with a VISA credit card account and merchant fees is offset, in many cases, by the following advantages:
- Expedited receipt of cash, improving Days Sales Outstanding
- Avoids mail delays
- Elimination of check processing costs
- Elimination of collection costs associated with lost or misplaced checks
- More efficient handling of exception items
- Elimination of exposure to check fraud
- Better control by eliminating the need to give out bank information for ACH payments
- Remittance data transmitted with payment for more efficient back-end reconciliation
- Going green — paperless, electronic payments are more secure, save money and also help conserve the environment by eliminating printing and mailing paper checks