2-Exhibit IX - Electronic Payables Program.pdf

188 KB Posted

Attached to
LiDAR Data Acquisition
Solicitation number
2610-01230
Issued by
Cook County, Illinois

About this file

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This is an informational document from the Office of the Cook County Comptroller describing the Electronic Payables Program (E-Payables), a payment initiative designed to streamline accounts payable processes for vendors contracting with Cook County, Illinois. The program utilizes the Visa payment network to facilitate efficient vendor payments and is presented as the County's preferred payment method. The document outlines the program's purpose of increasing payment efficiency and timeliness while offering vendors benefits including improved cash flow, accelerated payment processing, reduced paperwork, elimination of stop payment issues, and direct settlement to merchant accounts. Two payment options are available: a Dedicated Credit Card option in which vendors maintain a single assigned card on file and process payments in the standard manner, and a One-Time Use Credit Card option (SUGA Settlement) designed for vendors unable to retain card information on file, wherein a new unique card number is issued with each payment cycle.

The E-Payables program requires vendors to designate a point of contact within their organization to manage credit card information and receive email notifications for payment authorization and remittance advice documentation. Participating vendors will receive detailed remittance advice via email with each payment transaction specifying invoices being paid, enabling streamlined accounts receivable reconciliation. The program emphasizes mutual benefits for both Cook County and participating vendors, with particular cost savings through reduced handling of paper checks and faster payment settlement. The document indicates this is informational material for vendors considering participation and directs interested parties to contact the Cook County Comptroller's Office, Accounts Payable division at 161 N. Clark Street, Suite 1900, Chicago, Illinois 60601.

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RFP No.

Title

OFFICE OF THE COOK COUNTY COMPTROLLER

ELECTRONIC PAYABLES PROGRAM (“E-PAYABLES”)

FOR INFORMATION PURPOSES ONLY

This document describes the Office of the Cook County Comptroller’s Electronic Payables Program (“E- Payables”).

If you wish to participate in E-Payables, please contact the Cook County Comptroller’s Office, Accounts Payable, 161 N. Clark Street, Suite 1900, Chicago, IL 60601.

DESCRIPTION

To increase payment efficiency and timeliness, we have introduced E-Payables program, a new payment initiative to our accounts payable model. This new initiative utilizes a Visa purchasing card and operates through the Visa payment network. This is County’s preferred method of payment and your participation in our Visa purchasing card program will provide mutual benefits both to your organization and ours.

As a vendor, you may experience the following benefits by accepting this new payment type:

• Improved cash flow and accelerated payment

• Reduced paperwork and a more streamlined accounts receivable process

• Elimination of stop payment issues

• Reduced payment delays

• Reduced costs for handling paper checks

• Payments settled directly to your merchant account

There are two options within this initiative:

1. Dedicated Credit Card – “PULL” Settlement For this option, you will have an assigned dedicated credit card to be used for each payment. You will provide a point of contact within your organization who will keep credit card information on file. Each time a payment is made, you will receive a remittance advice via email detailing the invoices being paid. Each time you receive a remittance advice, you will process payments in the same manner you process credit card transactions today.

2. One-Time Use Credit Card – “SUGA” Settlement

For this option, you will provide a point of contact within your organization who will receive an email notification authorizing you to process payments in the same manner you process credit card transactions today. Each time payment is made, you will receive a remittance advice, via email, detailing the invoices being paid. Also, each time you receive a remittance advice, you will receive a new, unique credit card number. This option is ideal for suppliers who are unable to keep credit card account information on file.

REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

2610-01230 LiDAR Data Acquisition

File details come from the government source that posted it. Updated .