|ACH (Automated Clearing House)
||May be established by Accounting Services for suppliers who have a high volume of invoices
||Limited to US suppliers with a United States bank account at a United States Bank. This option is not available for Single Payment Supplier (SPV) payments and there are some operational restrictions on allowed suppliers. Contact Accounting Services to determine eligibility and to obtain an ACH Authorization agreement form.
|Virtual Credit Card
||Contact Accounting Services at email@example.com to determine supplier eligibility
||A commercial credit card program that allows funds to be transferred electronically to the supplier account or allows the supplier to pull the funds directly from the processor.
||Used for foreign payees only. Request a wire by completing: Foreign Payment Request – Wire or Draft UM1732 form.
||An electronic transfer of funds. A wire transfers money from the University, directly to a foreign payee’s bank account. Wires made by Accounting Services are restricted to USD or foreign currency payments to International suppliers only.
||Used for payees in a foreign currency. Request a draft by completing: Foreign Payment Request – Wire or Draft UM1732 form.
||A bill of exchange (paper check) that is drawn on a University bank account and made payable to a foreign individual or company in another currency. Drafts are more costly, and subject to risk of loss or theft in route to destination. Drafts have a ‘stale date’ at the bank if not cashed after six months.
|Prepaid Debit Card
||Contact Purchasing Services to determine eligibility
||Prepaid Debit Cards are managed by Purchasing Services and are assigned to a research project for making payments to individual human subjects. The debit cards are reloadable by University departments when the funds are dispersed. See Making Payments Using Prepaid Debit Cards procedure.