FMS is continuously examining ways to manage its supplier payments more efficiently. Over the coming months, Stanford and JPM will launch a virtual card enrollment campaign to suppliers not yet enrolled to receive virtual card payments. The campaign is to encourage use and outline benefits, which includes reducing payment terms to net five (5) days. Stanford and JPM have done prior enrollment campaigns. JPM representatives will contact targeted suppliers who receive check payments.
When a supplier agrees to accept virtual card payments, they will receive a welcome email with steps on how to securely receive and process payment notifications.
What is a virtual card payment through J.P. Morgan?
J.P. Morgan (JPM), in partnership with Stanford University, offers a secure digital solution for creating and sending approved payments for business purchases. Virtual cards help to simplify payment processes, improve working capital, and optimize the university’s overall payables strategy.
How does it work?
Each virtual card payment is a single 16-digit virtual account number sent to a specific supplier, for the specific invoice amount, to be used within a specific timeframe. The supplier receives an email notification with the virtual card details so that they can process the payment.
Questions
If suppliers have concerns about the virtual card campaign, departments can assure them that the enrollment campaign is legitimate and virtual card is Stanford’s preferred payment method. For further questions, contact Nini Cruz, Director of Payment Services at @email.
