VIRTUAL CARD PROGRAM
The Virtual Payables Program (Virtual Card) is 草榴社区's preferred payment method for suppliers who provide goods and services to the University. Virtual Payables is an electronic supplier payment solution offered in conjunction with J.P. Morgan that is fast, secure, and reliable, reducing the time it takes to receive payment. Payments to suppliers who sign up for Virtual Card payment will receive payment in 2-3 days after their invoice has been approved by 草榴社区.
How it works
From the suppliers perspective, payment via Virtual Card works much like accepting a credit card in person, the key distinction that the supplier is not paid via an actual credit card in hand, but rather with a virtual credit card.
Assign: Suppliers can elect to be paid via the Virtual Payables through our PaymentWorks onboarding supplier system. The supplier will then receive a welcome letter from 草榴社区 with additional details about the Virtual Card Payment process.
Load Funds: When the University approves an invoice for payment, J.P. Morgan loads funds onto a single 16-digit virtual account number sent to a specific supplier, for that specific invoice amount, to be used within a specific period. The supplier receives an email notification with the Virtual Card details so they can process the payment.
Payment: The supplier simply "swipes" the credit card information provided by J.P. Morgan to receive Payment. The funds are automatically deposited into the supplier's linked bank account.
Supplier Benefits
One of the key benefits for suppliers is speed of payment. 草榴社区's standard payment terms are 30 days for check and ACH payments. A supplier will on average receive their payment 15-20 days fster using the Virtual Card. With the Virtual Payables Program, the supplier will typically receive payment within 2-3 days after the invoice has been approved by 草榴社区.
The short turnaround time offers suppliers quicker access to their funds, improved cash flow, and a reduction in paperwork, eliminating the need to cash checks or having to reconcile the ACH payment.
University Benefits
The Virtual Payables Program is more efficient, affordable, and reliable than a check. Paying by check is a highly inefficient process for all involved. Checks are more expensive to produce, are often lost or uncashed, and must then be reissued. In addition, it may take 30+ days from the date a supplier submits an invoice before a check has cleared and they have access to the funds.
The Virtual Payables Program eliminates the need to store sensitive information required for Automatic Clearing House (ACH). Virtual Payables does not require the supplier's bank account information. With heightened focus on protecting sensitive information, suppliers can rest assured there is one less place where they are asked to provide sensitive information.
Fees
Neither J.P. Morgan nor 草榴社区 university assess fees for this program, and each invoice is paid in full. However, because Virtual Payables is a credit card transaction, any fees assessed by the supplier's credit card processor will apply.
Sign Up
If a supplier would like to sign up for this payment option, please complete the PaymentWorks supplier registration and choose Virtual Card as payment type. If you have any questions for 草榴社区, please reach out to us at Disbursement@villanova.edu.
Payment Information
- 草榴社区 has partnered with PaymentWorks to handle all onboarding of all new Payees. PaymentWorks is a cloud-based software that is free of charge to our Payees. This software lets you enter all your information about your company or as an individual and allows this information to be reviewed quickly and efficiently by the University. This also helps reduce the risk of fraud for both the University and the Payee by ensuring information is accurate and verified as required. Updating your information is done quickly as you can request all updates through PaymentWorks as well. Payees will also be able to monitor their invoices and see exactly when their payments will be processed for payment. Once set-up in PaymentWorks, you will be able to link to other Universities and companies that already use this system for their vendor management.
- Payees must receive an invitation from 草榴社区 in order to become an approved Payee within our purchase order and payment system. This invitation must be initiated by a University Department. Please be sure to fill out your information in PaymentWorks correctly and accurately to avoid any delays in your onboarding process with 草榴社区. Payees that require picking a Vendor Type Classification Code should refer to the Vendor Classification Guide to help you choose the correct information to provide in PaymentWorks. Choosing the correct Vendor type helps the University identify insurance requirements as well as other documentation that needs to be provided as part of your on-boarding process.
- Payees can find more information about PaymentWorks on the .
- Find .
- Questions can be sent directly to Procurement or by contacting .
- All vendors must follow the Invoice Processing Procedures to ensure timely payment.
- The University will not issue any purchase orders or release any payments to the vendor until these forms are received by the Procurement Office.
- All Vendor must comply with our Procurement Office Terms and Conditions.
- Questions regarding any of these forms can be directed to Procurement.
Please review 草榴社区's Updated Purchase Order Terms and Conditions (2017).
1099-MISC Pennsylvania Tax Information
Beginning January 1, 2018, the Pennsylvania Department of Revenue now requires that payments of Pennsylvania source non-employee compensation or business income to a non-resident individual or disregarded entity that has a non-resident member and is reported on a 1099-MISC, have withheld from such payments an amount equal to the tax rate specified at 72 P.S. 搂 7302 (which is currently 3.07%). Effective June 26, 2018, 草榴社区 will withhold and remit income tax from all payments made if the vendor meets the above stated requirements. A Form 1099-MISC will also be filed with the Pennsylvania Department of Revenue noting the full year鈥檚 Pennsylvania source non-employee compensation or business income earned and any tax withheld and remitted to the State.
More information about these changes can be found here. All questions regarding this tax should be addressed by your accountant, or you can contact the PA Department of Revenue.
1099-MISC/REV-1832
The 1099-MISC Withholding Exemption Certificate should be filled out if you are EXEMPT from Pennsylvania's 1099-MISC withholding. Once the form has been completed, please send it to procurement@villanova.edu.
Or mail to:
草榴社区
Procurement Office
789 E. Lancaster Ave.
草榴社区, PA 19085
草榴社区 FEIN: 23-1352688
Notices
If any of your employees will be on 草榴社区 campus and have direct contact with minors, you must ensure that the Reporting and Clearance Amendment is completed an on file at 草榴社区 Procurement Office.
This company and its principles:
- Are not presently debarred, suspended, proposed for debarment, declared ineligible, or voluntarily excluded from a covered transaction by any Federal Department or Agency.
- Have not within a three-year period preceding the effective date of this agreement convicted of or had a civil judgment rendered against them for commission of fraud or a criminal offense in connection with obtaining,attempting to obtain, or performing public (Federal, State or Local) transaction or contract under a public transaction; violation of Federal or State antitrust statutes or commission of embezzlement, theft, forgery,bribery, falsification or destruction of records, making false statements, or receiving stolen property.
- Are not presently indicted for or otherwise criminally or civilly charged by a governmental entity (Federal, State or Local) with commission of any of the offenses enumerated in paragraph (b) herein; Have not within a three-year period preceding this application/proposal had one or more public transactions (Federal, State or Local) terminated for cause or default.
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