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 supplier base. FSU partners with JP Morgan to allow suppliers to receive payments via electronic card payments (virtual credit card)
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, Virtual Card 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 Virtual Card Program will receive their payment via our standard net 40 day terms, where contractually applicable.
Enrolling in the program is simple. You must log into your existing PaymentWorks account and update your payment method to Virtual Card. If you have not onboarded with PaymentWorks as an FSU supplier, then email CTL-AccountsPayble@fsu.edu and request to onboard with PaymentWorks. An FSU representative will send you a PaymentWorks invitation that will allow you to select to receive future payments via Virtual Card.
We value your partnership and look forward to continuing our relationship. Should you have any additional questions or concerns, please email CTL-AccountsPayble@fsu.edu or you may contact: Michelle M. Pohto (mmpohto@fsu.edu), Assistant Controller.