Virginia Commonwealth University recently partnered with Bank of America and PaymodeX as our payments servicer. Registered university vendors received an announcement from Bank of America as well as information regarding the several payment methods available to vendors such as ACH and virtual card payment options. The default payment method for registered vendors who made no payment method selection in response to Bank of America communications is net 30 days via mailed check. Vendors may also reference the below information for instructions on how to opt in to different payment methods.
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
Determine Invoice Submission Method
- Electronic (cXML Invoicing only for eCatalog Vendors)
- Vendor Portal Invoices – Vendors must be invited to register in RealSource and submit invoices through the portal. Email email@example.com 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.
Virginia Commonwealth Accounts Payable
Scranton, PA 18505
- 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, whichever is later.
- Payments for prepaid items (including subscriptions, memberships, registrations, hotel deposits, etc.) are issued as soon as are 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.
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 (ACH) – Is a premium ACH payment offered by the University's banking service provider, Bank of America. Vendors can enroll in this premium model of ACH at the portal page firstname.lastname@example.org or contact 1-866-252-7366 for questions related to fees and benefits. Payment terms for Paymode-X will be NET 20.
- Basic ACH – Is a Basic form of ACH payment. Vendors selecting this form of payment are encouraged to select payment terms with a reasonable discount to receive faster payment. Vendors can enroll in this method of payment by emailing email@example.com. If no payment terms are selected payment terms will be NET 30. If a Vendor selects Basic ACH and would like to have quicker payment terms email firstname.lastname@example.org 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 email@example.com. Payment terms will be NET 20.
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.