The University of Iowa recently launched an accounts payable solution to pay our suppliers with automated Visa card payments, called Payment Plus. Our goal is to optimize our commercial card program in order to improve process efficiency and working capital management, as well as reduce the cost of processing check transactions.
Specific benefits you may experience when you accept payment by Visa Commercial Card:
- Accelerated payment and improved cash flow
- Reduced paperwork and streamlined accounts receivables process
- Real-time notifications for each card payment
- Complete remittance detail to support efficient receivables posting
- No changes or modifications to your existing card acceptance procedures
This is an important initiative for the University of Iowa and, as such, we expect the support of our supplier community. We intend to pay suppliers who participate in our Payment Plus program upon approval of invoices, which may result in significant payment acceleration. An authorized representative calling on behalf of Iowa will be contacting you in the coming weeks to discuss this initiative.
How it Works:
Upon enrolling, you will receive an automated remittance email for each payment. These emails will contain a link to a secure web portal where you will obtain a unique Visa credit card account number, the amount to charge and the other pertinent details of the transaction needed to process and reconcile your payments. The credit card account will change with each payment so you will not need to keep this information on file. We will notify you when the first payment will be made under the program. At that time, we will no longer be sending payments via check and all payments will be processed as noted above.
To enroll in this new payment arrangement, please have an authorized company representative complete the below fields for each appropriate remittance address and email your acknowledgement to firstname.lastname@example.org or fax it to 866-935-4843.
Please contact the Iowa Enrollment Team at 855-338-7291 or by email at email@example.com with questions or for further assistance.
Thank you in advance for supporting our program.