VISA ePayables is a convenient option for our vendors making payments with Visa. Under this new option, the vendor would keep a Visa card number on file. UF will still be invoiced as usual, but once the invoice is approved for payment, an electronic remittance advice will be sent to the vendor via email or fax, along with approval to charge the card on file for the authorized net amount. The remittance advice would include statement-type information such as invoice numbers, date and amount for invoices. The benefits to our vendors include:
- Accelerated receipt of cash, as funds are typically deposited within 48 hours of the credit card transaction.
- No longer being bound by Net 30 payment terms. Once an invoice is approved for payment, the payment will be made within 4 business days.
- Reduced collection costs associated with lost/misplaced checks.
- More detailed payment information.
- Elimination of check float time.
If a vendor would like to receive payments under this program, please call John Kilby at (352) 294-1115 or contact us at firstname.lastname@example.org with the appropriate vendor contact.