George Mason University offers all vendors and suppliers electronic payments for invoices received through Bank of America’s Virtual Payables credit card product.
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.
Click here to learn more about the benefits of Virtual Payables, how it works and answers to frequently asked questions.
Please note that your standard merchant credit card processing fees will apply.
George Mason University’s Accounts Payable department also utilizes the Paymode-X service offered by Bank of America Merrill Lynch to replace paper checks.
We request that all vendors and suppliers who do not participate in ePayable enroll in Paymode-X so that all future payments are processed electronically using this service.
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 to enroll online.