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

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