FMS is continuously examining ways to manage its supplier payments more efficiently. Over the coming months, Stanford, J.P. Morgan (JPM), and JPM partners, Boost, Billtrust, Bora, Iteration Matrix (IM), 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, JPM, and IM have done prior enrollment campaigns.
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?
JPM, Boost, Billtrust, Bora, and IM, 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. Suppliers can also decline the virtual card payment enrollment invitation when they are contacted by JPM. For further questions, contact Nini Cruz, Director of Payment Services at @email.
How can currently enrolled suppliers opt out of the virtual card payment program?
Suppliers will need to call or email the JPM Supplier Support team at (877)-263-5184 or @email to stop participating in the virtual card payment program. JPM may offer the supplier a program called Virtual Card Network (VCN), which uses the virtual card payment functionality for a direct deposit (ACH) payment. The net five (5) day payment terms will still apply with VCN ACH payments.