ePayables at LSUHSC-New Orleans-A New Way to Pay Our Suppliers
LSU Health Sciences Center’s recommended payment method is by payment card, also known as ePayables.
What is ePayables?
LSUHSC has partnered with Bank of America to offer a card payment program, called ePayables, to the University’s suppliers. This is the University’s preferred method of payment and is part of a campus-wide effort to reduce paper waste and decrease the amount of time to pay to our suppliers.
Vendors who choose to participate in the ePayables payment option will be paid “due immediately”. Once an invoice is approved for payment, an electronic remittance advice will be sent to the supplier by email or fax, instead of a check. The remittance advice will include statement-type information such as invoice numbers, dates and amounts for invoices. Payments can be retrieved with LSUHSC’s designated account number that will be assigned to the supplier. The current procedures for invoicing remain the same.
Once registered, the suppliers will be contacted by a payment card administrator with a card number.
What are the advantages ePayables?
•Reduced exposure to check fraud
•Expedited receipt of cash -- funds are typically deposited within 48 hours of the transaction
•Time saving -- fewer calls for lost or misplaced checks
•Cost savings -- no check processing costs, no collection costs associated with lost or misplaced checks
•Fewer errors -- remittance data transmitted with payment for more efficient back-end reconciliation
•Sustainability -- fewer check stock to purchase
Click here to learn more about the benefits of ePayables at LSUHSC, how it works, and answers to frequently asked questions.
Other Electronic Payment Option
LSUHSC’s Accounts Payable department also utilizes the Paymode-X service offered by Bank of America Merrill Lynch to replace paper checks. We request that all vendors and suppliers who do not participate in ePayable enroll in Paymode-X so that all future payments are processed electronically using this service. Participation in this initiative will yield the following benefits:
- Saves time and money – Paymode-X reduces the labor, expense and risk associated with checks.
- Enhances cash flow – Paymode-X expedites the receipt of funds by eliminating mail and paper check float.
- Fits with existing systems and banking practices – PayMode-X requires no software purchases, no modifications to your existing accounts receivable systems, and no changes to your bank or bank accounts.
- Includes detailed remittance information – PayMode-X enables delivery of digital remittance information along with the payment for easier reconciliation.
- Provides history of payments – A detailed history of all PayMode-X payments from LSUHSC will be readily available on the PayMode-X website.
- Environmentally friendly- paperless, electronic payments are more secure, save money and help to conserve the environment by eliminating printing and mailing of paper checks.
Please enroll online at http://www.paymode.com/lsuhsc
Wire payments are another electronic payment vehicle. Please see the link below regarding use of wire payments