St. Lawrence University is now using an accounts payable solution to pay our suppliers with automated Visa card payments, called SupplierPay. Our goal is to optimize our commercial card program in order to improve process efficiency and working capital management, as well as reduce the cost of processing check transactions.
St. Lawrence would like to pay key suppliers using Visa Commercial Card instead of by check or other payment methods.
Specific benefits suppliers may experience when they accept payment by Visa Commercial Card:
- Accelerated payment and improved cash flow
- Reduced paperwork and streamlined accounts receivables process
- Real-time notifications for each card payment
- Complete remittance detail to support efficient receivables posting
- No changes or modifications to your existing card acceptance procedures
We intend to pay suppliers who participate in our SupplierPay program upon approval of invoices, which may result in significant payment acceleration.
How it Works:
Upon enrolling, suppliers will receive an automated remittance email for each payment. These emails will contain a link to a secure web portal to obtain a unique Visa credit card account number, the amount to charge and the other pertinent details of the transaction needed to process and reconcile payments. The credit card account will change with each payment so card information will not have to be kept on file.
To enroll in this new payment arrangement, please have an authorized company representative complete the enrollment form accessed at the link below: