We are pleased to inform you that UC Merced has successfully partnered with U.S. Bank to implement an important initiative to expand our commercial card program by using their Payment Plus product. This service allows for the secure delivery of automated Visa card payments to our suppliers.
We have identified a list of suppliers to target for this initiative and have begun to contact them to migrate them to this program.
This initiative is an important part of our Procure-to-Pay process and we need your support to be successful. We encourage you to promote the benefits of Visa card payments to those suppliers with whom you interact today, as well as with any new suppliers that you engage. Please direct suppliers to contact UC Merced Treasury Services at email@example.com for questions and enrollment support.
Benefits of This Initiative
Payment Plus is beneficial to both UC Merced and our suppliers. Key benefits UC Merced receives from expanding our card program are:
- Reduced costs from a streamlined payment process
- Increased spend visibility
- Improved supplier management
- Enhanced controls and compliance
- Improved working capital position
Key benefits our suppliers receive from accepting Visa payments by UC Merced may include:
- Accelerated, predictable payments
- Improved cash flow
- Increased accounts receivable efficiency
- Reduced credit and collections activities
- Strengthened trading partner relationship
Payment Process Changes
The current processes for purchase requisitions and invoices will remain the same. The only change will be to the payment process. With the new payment process, our suppliers will receive an email notification for each payment instructing them of the card account, the amount to process using their Point-of-Sale device/software, and other pertinent details of the transaction.
As an added incentive, UC Merced will update payment terms for participating suppliers to pay them upon approval of invoices. This may result in a significant acceleration of payment.
Kurt Schnier | Interim Vice Chancellor and Chief Financial Officer
Kelli Maxey | Assistant Controller