A new service promises to reduce the time and cost of paying the University’s suppliers.
In partnership with Scotiabank, the Department of Finance has implemented Visa Payables Automation (VPA), allowing for the secure delivery of automated Visa card payments for supplier invoices. The system will reduce internal processing and transaction costs by:
- streamlining the payment process;
- eliminating material costs such as cheque production, paper and postage; and
- removing the risk of late payment to suppliers.
Scotiabank is in the process of contacting the University’s suppliers to migrate those interested into this program.
The current processes for purchase requisitions and invoices will remain the same — the only change will be to the payment method. Suppliers who choose to opt in will receive a card account and an email notification for each payment informing them of the amount to process using their Point-of-Sale device or software.
As an added incentive, those suppliers who choose to participate in this program could receive accelerated payments as finance updates their payment terms to pay their invoices upon approval.
For more information on this project, visit the “VPA” section of the Accounts Payable website or send inquiries to firstname.lastname@example.org.