George Mason University has transitioned to electronic payments and all vendors or those operating in a business capacity must enroll in one of its electronic payment options in order to receive payment within 30 days. Vendors who choose not to enroll in electronic deposit will have their payment mailed in 60 days.Paymode
A FREE service offered by Bank of America, Paymode, is available for vendors (not sole proprietors) to securely receive electronic payments.
Participation in this initiative will yield the following benefits:
- Saves time and money – Paymode-X reduces the labor, expense and risk associated with checks.
- Enhances cash flow – Paymode-X expedites the receipt of funds by eliminating mail and paper check
- Fits with existing systems and banking practices – PayMode-X requires no software purchases, no
modifications to your existing accounts receivable systems, and no changes to your bank or bank
- Includes detailed remittance information – PayMode-X enables delivery of digital remittance
information along with the payment for easier reconciliation.
- Provides history of payments – A detailed history of all PayMode-X payments from George Mason
University will be readily available on the PayMode-X website.
- Environmentally friendly- paperless, electronic payments are more secure, save money and help to
conserve the environment by eliminating printing and mailing of paper checks.
Click here for online enrollment instructions.
All vendors and suppliers may choose to enroll in Bank of America’s Virtual Payables credit card product. Please note that your standard merchant credit card processing fees will apply to these payments.
Benefits of participation in Virtual Payables:
- Enhances cash flow – vendors are eligible for early payment terms (Net 20 days).
- Saves time and money – reduces the labor, expense and risks associated with checks.
- Requires no change to current invoicing procedures.
- Provides better control by eliminating the need to provide bank information for ACH payments.
- Environmentally friendly- paperless, electronic payments are more secure, save money and help to conserve the environment by eliminating printing and mailing of paper checks.
To enroll in Virtual Payables, please email email@example.com with a request to enroll and the following information:
- Company’s legal name
- Company’s EIN#
- Company’s remittance address
- Contact person’s name and email
Sole proprietors, vendors, and suppliers may choose to enroll in the Commonwealth of Virginia’s EDI Program for electronic disbursements. Please complete and submit the appropriate enrollment form located at https://www.doa.virginia.gov/forms.shtml#edi. Submission instructions are on the form.
Please direct questions via email to firstname.lastname@example.org or to the EDI hotline at (804) 692-0473.