Payment Method and Payment Terms
Payment Methods
Accounts Payable utilizes multiple payment methods to ensure payments are as efficient and timely as possible. The preferred payment method is through the Single Use Account Program (SUA Program). Other payment methods include ACHS/EFTS, checks and wires. Corporate Credit Cards and Purchasing cards are also available upon eligibility and approval.
Gift cards are also available for marketing, recruiting and gift giving.
For study participants, an alternative payment method is offered: ClinCards. This program is managed by Emory's Treasury Department. Please contact cashmgt@emory.edu for more information.
Payment Terms
Payment terms are negotiated terms and conditions related to payment deadlines, including discounts.
- Contracted Supplier: Payment terms are typically determined during negotiations.
- Non-contracted Supplier: Payment terms are usually found on the invoice.
Emory's standard payment terms are net 30.
Please review the payment types below, their payment terms and pro/cons.
Payment Options
Emory's Preferred Payment Method (Electronic Payments)
Description
A Single Use Account is a card-based payment solution that acts like a check by providing a 16-digit virtual account number for each payment. This allows you to set each Single-Use Account with a credit limit that matches the specific payment amount.
Payment Terms
Immediate upon invoice approval
Pros/Cons
- Increases bottom line by getting revenue share
- Strengthens Supplier Relationships
- Enhances Controls
- Simplifies Reconciliations
(Domestic Transfers in U.S. Dollars)
Description
ACH payments are processed through the Automated Clearing House network and involve transferring money from one bank account to another.
Payment Terms
Net 30
Pros/Cons
- Reduces processing fees
- Low Cost Transactions
- Convenience
- Fast processing times
- Environmentally friendly
(International Transfers in U.S. Dollars)
Description
EFT payments are processed through the Automated Clearing House network and involve transferring money from one bank account to another.
Payment Terms
Net 30
Pros/Cons
- Reduces processing fees
- Low Cost Transactions
- Convenience
- Fast processing times
- Environmentally friendly
Description
Checks are paper documents in which the bank is to pay the receiver of the check a stated amount of money.
Payment Terms
Net 30
Pros/Cons
- Checks have the risk of not making it to their destination.
- Checks require Escheatment after a period.
- Checks are least secure.
- Checks are costly to process.
- Many businesses only accept cash or checks.
- Checks create a paper trail (good for auditing).
(Usually International Transfers in Foreign Currency)
Description
A wire is a monetary transfer of funds that takes place either between one bank and another through an electronic funds transfer or through a transfer of cash via non-bank providers, such as Western Union.
Payment Terms
Usually a day or two
Pros/Cons
- Wires can cost anywhere from $25 to $65 per transfer.
- The recipient of the transfer must also pay a fee.
- Domestic wires can process within a few hours.
- Transfers cannot be canceled or reversed.
- International payments should be made via WIRE or EFT.
Description
Used for individual-travel-related expenses.
Pros/Cons
Convenient method for travel-related expense
Description
Used for departmental, operational expenses
Payment Terms
Paid by AP monthly
Pros/Cons
Cost effective method for low dollar, high volume transactions
Description
Used for Study Participant payments
Pros/Cons
Preferred method for study participant payments