Photo by Karl Steinbrenner
ePayables
2012 Commonwealth of Virginia Annual Card Summit
Department of AccountsAmy Butler
Helen Dickinson
Agenda
• What are Electronic Payments (ePayables)?
• How does the COV ePayables Program work?
• How much does it cost?• What are the benefits?• Q&A
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ePayables Summary
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• Bank of America solution implemented by DOA
• Managed separately from Purchasing Card Program
• Process Accounts Payable payments to vendors via credit card 14 days before due date.
ePayables
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How does the ePayables Program work?
ePayables - Vendor Edit Table
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ePayables Check Number
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ePayables–How does it work?
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• Vendors each have their own credit card # with zero balance
• Works receives payment file
• Cards are funded with authorized invoice amounts
• Remittance emails are sent notifying vendors to process
Remittance Advice Email
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Original Payment Notification Date: 03/01/2012
Commonwealth of Virginia Agency: 000-VA DEPARTMENT OF TESTING
Vendor Payment Reference: P1234567 Vendor Name: TESTCOMPANY INC Charge Amount: $13,388.76Card Number Ending In: 0123Name on card: TESTCOMPANY INCBilling Address: 101 N 14th St Richmond VA 23219 To receive payment for the invoice(s) below, please draft the total amount of $13,388.76 AS A SINGLE TRANSACTION on your dedicated credit card with the account ending in 0123. INV DATE INVOICE NBR CUSTOMER ACCT# INVOICE AMT OFFSET AMT NET PAID AMT Invoice Description Voucher--------------------------------------------------------------------- ----------------------------------------------------------------------------------------------2012-01-12 027110 $13,388.76 $13,388.76 $13,388.76 MAINTENANCE SUPPORT 0022111 ------------TOTAL: $13,388.76 Please refer questions regarding the processing of this payment to our eCommerce department at [email protected] or call 804-692-0473.
Thank You,Department of AccountsCOMMONWEALTH OF VIRGINIA
ePayables Cost to Participate
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• DOA does not charge a fee to vendors that participate.
• Vendor’s merchant fees for these transactions still apply.
ePayable Benefits
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• Enhances cash flow• Increases efficiency• Less exception handling• Increased security• Going green• Commonwealth regains lost rebate
opportunities• No change to current invoicing
procedures
Questions
Q & A
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ePayables Contact Information
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ePayables Contact Information:
Department of AccountseCommerce Hotline: (804) 692-0473
Email: [email protected]