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ÍÃ×ÓÏÈÉú University is implementing the most cost effective and secure payment strategies to make sure that funds are delivered to our suppliers in a timely manner, and risks of fraud or misuse are minimized.

We are shifting away from issuing checks to electronic payment methods that involve payments by credit cards (SUA) and electronic payments directly to the vendor's bank account (ACH). ÍÃ×ÓÏÈÉú's preferred method of payment is through its single use account (SUA) virtual card program, currently offered through J.P. Morgan Chase.

Accurate invoice submission and the use of accelerated payment methods can speed up payment to our supplier.

J.P. Morgan Single Use Credit Card Program (SUA)

J.P. Morgan's Single-Use Accounts (SUA) is an electronic payment solution that enables the university to process payments faster and more efficiently.

Under the program, suppliers who enroll into the program will be paid by a one-time use electronic credit card. Each time a payment is disbursed to the supplier, a secure email message will be sent with the electronic credit card information. Using this information, the supplier can process the payment transaction themselves or by using their credit card processor and receive their funds immediately after invoice has been received.

The acceptance of SUA payments comes with no additional costs from JP Morgan or the University, although processor fees will apply as agreed upon with the supplier and their credit card processing merchant bank.

Supplier Benefits

• SUA offers a secure internet-based system.
• Suppliers have quicker access to their funds, improved cash flow, and a reduction in paperwork.

Please contact Accounts Payable at accountspayble@miamioh.edu for additional SUA enrollment details.

Automated Clearing House (ACH)

ACH payments disbursed to the suppliers are made to the account and financial institution designated by the supplier according to the agreed upon payment terms. Payments default to Net (30), meaning the full amount will be paid within 30 days unless discount applies.

Checks

The preferred method for payments is Direct Deposit or JP Morgan SUA.

Paying by check is a highly inefficient process for all parties involved. Checks are more expensive to produce, are often lost or uncashed, and must then be reissued. In addition, it may take 40+ days from the date a supplier submits an invoice before a check has cleared and they have access to the funds.

Direct Deposit

Faculty, Staff, Students

At ÍÃ×ÓÏÈÉú University direct deposit is the preferred method of payment. In Workday ÍÃ×ÓÏÈÉú individuals can manage their payment elections for direct deposit. Payments done through direct deposit are received by the next business day.

ÍÃ×ÓÏÈÉú faculty, staff, and students who wish to be paid as a supplier with ÍÃ×ÓÏÈÉú University will need to be set up through Accounts Payable.

To set up payment elections through Accounts Payable, log into Workday and select view profile to update payment elections.

Please note: Accounts Payable payment elections differ from Payroll and Bursar payment elections.

Non-ÍÃ×ÓÏÈÉú Individuals

Anyone not currently affiliated with the University can fill out an ACH Direct Deposit form to be set up with a payment election for Accounts Payable. Payments done through direct deposit are received by the next business day.