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

View SUA information

(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

View ACH information

(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

View EFT information

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).

View Paper Check Payments information

(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.

View Wire Transfers information

Description

Used for individual-travel-related expenses.

Pros/Cons

Convenient method for travel-related expense


View Corporate Credit Card information

Description

Used for departmental, operational expenses

Payment Terms

Paid by AP monthly

Pros/Cons

Cost effective method for low dollar, high volume transactions

View Purchasing Cards information

Description

Used for studies, marketing, recruitment, etc.

View Gift Cards information

Description

Used for Study Participant payments

Pros/Cons

Preferred method for study participant payments


Contact the Treasury for more information