The University of Montana has recently initiated several new strategic initiatives to improve the efficiency and effectiveness of our daily transactions with our vendor base. One such initiative is the introduction of the WEX® Financial Services’ AP Direct system (our “ePayables Program”).
Once enrolled, vendors will enjoy the following benefits:
- Expedited payments. Payments are made electronically and guaranteed funds are deposited directly into your designated bank account approximately 24 to 48 hours after invoice approval.
- Increased efficiencies. The program will eliminate AR costs associated with paper check acceptance.
- Enhanced reporting. You will receive enhanced remittance information to speed up reconciliation.
We believe the use of one standardized payment system with all vendors will improve our on-time payment performance and our long term relationship with our vendors. All vendors who do not enroll in the ePayables Program may have their payment terms changed to net 60 days where contractually applicable. The University of Montana will not pay interest for amounts due in excess of 0.05% as specified in MCA 17-8-242.
Under our ePayables Program, once your invoice has been approved for payment, the funds will be automatically deposited into your designated depository account using the MasterCard network, so you do not have to wait for a check in the mail. At the time of payment, you will receive a detailed remittance email which clearly indicates the invoices that have been paid and the total amount that was deposited into your account.
Enrolling in the program is simple. Our vendor enrollment partner, Boost Payment Solutions, can guide you through the enrollment process and answer any questions you may have. Please note that even if you already accept credit cards as a form of payment from other customers, you will need to secure a unique merchant ID number from Boost for this program. There is no cost for vendors to enroll, and most vendors that already accept credit cards will benefit from lower rates through Boost.
We value your partnership and look forward to continuing our relationship. Our conversion to this ePayables Program is a major initiative and participation in the program will be a key consideration in our future procurement decisions. Please review our frequently asked questions for additional details.