Payment Plus Program Expanding
As communicated in the March and June SCM Newsletters, UCSF has partnered with U.S. Bank to implement an initiative to expand our virtual pay card program known as Payment Plus. This service allows for the secure delivery of automated Visa card payments to our suppliers. From a list of suppliers that SCM has identified as potential participants, many of these suppliers have now been enrolled in the Payment Plus program.
This initiative is an important part of our procure-to-pay process and we encourage you to continue promoting the benefits of the Payment Plus program to suppliers with whom you interact today, as well as with any new suppliers that you engage.
Key benefits UCSF receives from expanding our Payment Plus program are:
- Reduced costs from a streamlined payment process
- Increased spend visibility
- Removing risk of late payment to suppliers
Key benefits our suppliers receive from enrolling in Payment Plus may include:
- Accelerated, predictable payments
- Improved cash flow
- Increased accounts receivable efficiency
- Reduced credit and collections activities
The current processes for purchase orders and invoices will remain the same. The only change will be to the payment process. As an added incentive, we will update payment terms for suppliers participating in the Payment Plus program to pay them upon approval of invoices.