To increase process efficiency and payment timeliness, we have recently introduced a new payment initiative to our accounts payable solutions. This new initiative will utilize a VISA card account and operate through the VISA payment network.
By using this method, vendors may experience the following benefits:
- Elimination of stop payments
- Improved cash flow
- Reduced paperwork
- Reduction in payment delays and costs related to handling paper check
- Settlement of payments directly to your merchant account.
- Streamlined accounts receivable processing
There are three payment options within this initiative:
- Option 1: Specific Card Account Number Assigned for Payments from Temple Payment initiated by your Accounts Receivable Department. For this option you will provide a point of contact within your organization that will be able to keep our card account number on file. In this process you will receive an email remittance authorizing you to process the full payment, in the same manner as you currently would process credit card transactions. Note: The email remittance will indicate all invoices represented in the payment.
- Option 2: One-time Use Account Number for Each Payment from Temple Payment initiated by your Accounts Receivable Department. For this option you will provide a point of contact within your organization that will be able to receive an email remittance advice with a one-time use credit card number embedded within. The remittance advice serves to give you your card information if you cannot hold a card account on file, and details all remittance/invoice information being paid. From here, this process is the same as option one, above.
- Option 3: Payment Automatically Initiated by Temple to your Merchant Settlement Account Payment automatically initiated by Temple Accounts Payables Team. In this option the funds will be directly deposited into your merchant settlement account. You will receive an email remittance informing you that funds have been deposited into your account. The email remittance will indicate all invoices represented in the payment. Note: In order to begin this process, you will need to provide your merchant services account information.
For any of the options presented above, it is recommended that you set up a general email alias to receive our remittance advice, so if a new person is assigned to handle card payments, your email contact information will remain valid.
If you have any please Contact our office at firstname.lastname@example.org or 215-926-2048 with questions concerning this new payment method.