Florida State University is in the process of initiating several new strategic initiatives to improve the efficiency and effectiveness of our daily transactions with our supplierr base. One such initiative is the introduction of Bank of America Merrill Lynch’s ePayables product (our “ePayables Program”) which will enable us to replace check payments with electronic card payments.
Supplier benefits include:
- Saving time and money. Reduces the labor, hassle, expenses, and risk associated with checks
- Enhancing cash flow. Expedites the receipt of cash by eliminating mail and paper check float
- Expedited payments. Typically, ePayables’ payments are available within 48 hours of payment processing compared to lengthy time of issuing checks (standard net 40 terms)
- Enhanced reporting. You will receive enhanced remittance information 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
- Preferred supplier status. Enjoy priority status for invoice approval
We believe the use of one standardized payment system with all suppliers will improve our on-time payment performance and our long term relationship with our suppliers. All suppliers who do not enroll in the ePayables Program will have their payment terms changed to our standard net 40 day terms, where contractually applicable.
Enrolling in the program is simple. You will be contacted by our supplier enrollment partner, Bank of America, to guide you through the enrollment process and answer any questions you may have. In the meantime, if you are interested in learning more about ePayables and its benefits, please visit our ePayables Frequently Asked Questions webpage and/or visit www.bankofamerica.com/epayablesvendors.
We value your partnership and look forward to continuing our relationship. Our conversion to this ePayables Program is a major initiative and participation in this program may be a consideration in future procurement decisions. Should you have any additional questions or concerns, please email email@example.com or you may contact:Carla Daniels, Associate Controller or Nancy Milburn, Assistant Director for Procurement Services.