Vendor Invoicing & Payment

Virginia Commonwealth University has partnered with Bank of America and PaymodeX (also known as Bottomline) as our payments servicer. University vendors may receive information from Bank of America regarding the various payment methods available including electronic (ACH), virtual card payment and the various fees associated with these options. The default payment method for registered vendors who make no payment method selection is net 30 days via mailed check. Vendors may also reference the information below for instructions on how to opt in to improve cash flow with different payment methods.

Steps

1. Ensure Complete Invoice Information

   After the product or service has been delivered to VCU, an invoice should be submitted. To ensure prompt payment, invoices must contain the following information:

   • The word "Invoice" printed prominently at the top of the document. VCU does not make payments referencing documents such as packing slips and statements.
   • Include a valid 8-digit purchase order number. There must only be one purchase order number for any given invoice.
   • Include an original invoice number and date. Note: for prompt payment and compliance purposes, the date that the invoice is received and date-stamped within Procurement Services is considered the invoice date.
   • Be submitted to the correct "Bill to" address

2. Determine Invoice Submission Method

   • Electronic (cXML Invoicing only for eCatalog Vendors)
   • Vendor Portal Invoices – Vendors must be invited to register in RealSource to submit invoices through the portal. Email vendinfo@vcu.edu with an email contact to receive an invitation to register.
   • Mail - Vendors should submit invoices to VCU's "Bill to" address specified on the purchase order. Failure to send the invoice to the specified "Bill to" address could delay payment.

3. Note: Payment is due either 30 days (default) or within the negotiated payment term after receipt of  goods or services or invoice by Accounts Payable, whichever is later. Invoices should be mailed directly to Procurement Services at the address below unless instructions are given by the VCU department to mail the invoice directly to the department location.

   Virginia Commonwealth Accounts Payable
   Box 3985
   Scranton, PA 18505
   
   VCU.Invoices@trustflowds.com

4. Payment

   • The University is required by law to pay all valid invoices and/or the undisputed amount of an invoice within the negotiated payment terms or 30 days after receipt of invoice or goods or services.
   • Payment for prepaid items (including subscriptions, memberships, registrations, hotel deposits, etc.) is to be issued as soon the invoice is processed.
   • IRS 1099 reporting requirements dictate that the first line of the vendor's name and address on purchase orders is the organization or business name that will receive the funds.

5. Payment Options

   The University is migrating away from processing payments via paper check and strongly encourages the use of our electronic payment options.

   Electronic Payment Options

   • Paymode-X Premium (ACH) – Is a premium electronic (ACH) payment offered by the University's banking service provider, Bank of America (BOA).  Vendors must be a registered business (e.g., an agency, LLC or corporation) in order to be eligible for this service.  Paymode-X Premium enhances cash flow, reduces the risk associated with checks, includes payment notification via email, allows updates to account information online and serves as a payment tracker.  Vendors can enroll at the portal page enrollment@paymode-x.com or contact 1-866-252-7366 for questions related to fees and benefits. Payment terms for Paymode-X Premium will be NET 20.
   • Paymode-X Basic (ACH) – Limited exceptions will be considered to pay vendors by electronic (ACH) payment without enrolling in Premium Paymode-X.  Vendors must be a registered business (e.g., an agency, LLC or corporation) in order to be eligible for this service and can roll in this method of payment by emailing enrollment@paymode-x.com. If no payment terms are selected payment terms will be NET 35. If a Vendor selects Basic ACH and would like to have quicker payment terms email payables@vcu.edu to select one of the available options which are:
     
     NET 15 – 2%
     NET 25 – 0.5%
   • Virtual Payment Card – Is a payment by virtual credit card. Vendors can enroll in this payment method by emailing payables@vcu.edu. Vendors interested in this payment method must be able to accept credit card payments either through a bank of their choice or with Bank of America. Payment terms will be NET 20.

6. All new Vendors will initially be set up for payment by check at NET 30. Vendors will be contacted by the University's banking services provider, Bank of America, or its partner Paymode-X, regarding electronic payment options such as the virtual payables card or ACH.  If no payment terms are selected, these payment terms of payment by check at NET 30 will remain unchanged.