3-Exhibit VIII - Electronic Payables Form.pdf
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- Attached to
- Legal Advice Help Desks
- Solicitation number
- 2413-03261
- Issued by
- Cook County, Illinois
About this file
This document is an informational guide from the Office of the Cook County Comptroller detailing their Electronic Payables Program (E-Payables), a new payment initiative utilizing Visa purchasing cards through the Visa payment network. The program offers two payment options for vendors: a Dedicated Credit Card "PULL" Settlement and a One-Time Use Credit Card "SUGA" Settlement, both designed to improve payment efficiency and timeliness.
The E-Payables program provides vendors with several benefits, including improved cash flow, accelerated payments, reduced paperwork, elimination of stop payment issues, reduced payment delays, and lower costs for handling paper checks. Vendors can choose between a dedicated credit card method where they keep card information on file, or a one-time use credit card option that provides a unique card number for each transaction, which is particularly suitable for suppliers unable to maintain ongoing credit card information. Vendors interested in participating are advised to contact the Cook County Comptroller's Office, Accounts Payable, located at 161 N. Clark Street, Suite 1900, Chicago, IL 60601.
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Text version
ACH-1 8/2015
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:
3. 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.
4. 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.
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