The City of Westminster is making electronic payments to vendors using Bank of America's ePayables credit card product. This service allows our vendors to accept payment by keeping our credit card information on file. Once an invoice has been approved for payment, the City will fund the card for the exact amount, send you an emailed remittance advice listing the invoices paid, and at that time, the card can be charged for the invoice amount.
If you accept Visa/MasterCard payments, your firm can participate in this program and realize improved cash flow by receiving payments sooner.
Benefits Participation in this electronic initiative will yield many benefits:
Saving time and money - ePayables reduces the labor, hassle, expenses, and risk associated with checks.
Expediting receipt of cash - ePayables expedites the receipt of cash by eliminating mail and paper check float.
Requiring no change to current invoicing procedures.
Providing better control by eliminating the need to give out bank information for ACH payments, which helps reduce exposure to check fraud
Going green - paperless, electronic payments are more secure, save money and also help conserve the environment by eliminating printing and mailing paper checks.
FAQs 1. Is this a requirement? Will it affect our Vendor-Client relationship if we decline?
This is the preferred method of payment and part of an effort to reduce checks and eliminate paper waste and inefficiencies. While preferred, it is not required to participate in the ePayables initiative. Accepting payment via the ePayables program will decrease the time it takes to complete payment and is more convenient than handling a check.
2. Are there any fees associated with this method of payment?
Payments will be processed as credit card transactions, so your standard merchant fees will apply. There are not any direct fees imposed by the client or issuing bank.
3. Is it safe to keep the card number on file?
The new payment process keeps that card account with a credit limit of $0 until an invoice has been approved for payment. Once the invoice is approved, the card will be funded with the exact amount due and you will receive a remittance, which is an electronic confirmation that the card is ready to be charged. This technology makes keeping a card on file completely safe.
4. What if our company does not want to initiate credit card transactions? Is there any other option to accept credit card payments?
Yes. An alternative option is to participate in a process whereby a payment is pushed to your merchant account. This eliminates the need to initiate credit card transactions and the need to maintain a card account on file.
5. Will I receive payment for all our company locations?
Receipt of payment will remain the same. If you currently receive one check for multiple locations, you will maintain one card number on file and the remittance will identify the appropriate location by invoice number, date and amount. If a separate check is sent to each remit-to address, a unique card number will be assigned for each location.
6. Will the net terms change? How soon will we get paid?
Terms for check payments are normally net 30. However, vendors participating in the ePaybables program can have funds typically deposited within 48 hours after processing the transaction. Improved cash flow, efficiency and security are the key benefits of the City’s new ePayable’s initiative.
If you would like to take advantage of the benefits ePayables has to offer, please contact Angie Tran at (714) 548-3184 (email@example.com) or Erin Backs at (714) 548-3185 (firstname.lastname@example.org).