TSS - What is the SUA payment method?

What is the SUA payment method?

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First Published  :Mon May 18 13:41:35 GMT 2015
Last Modified  :Wed May 03 20:40:52 GMT 2017
Last Published  :Wed May 03 20:40:52 GMT 2017
Summary :  Description of the Single Use Account program for suppliers doing business with Tufts

Response

Primary Information

    Effective May 1, 2015 Tufts implemented the J.P. Morgan Single-Use Accounts (SUA) program for accelerated payment to suppliers.  This program is a new electronic payment solution whereby Tufts pays participating suppliers via electronic credit card instead of check (the SUA  is a ‘virtual’ credit card). When the vendor signs up, AP provides the first 7 digits of a Credit Card number and then each time they are paid, they will receive the last 9 digits in an email from JP Morgan so that they can ‘run’ the payment.

    This payment approach allows suppliers to be paid within ten days (versus net 45) upon receipt in Accounts Payable, eliminates paper and reduces processing costs and time. Please note that the SUA program will not impact use of the Tufts Marketplace or Procurement Card program already in place at Tufts.


    If a suppliers asks for information regarding enrollment into the SUA program or a SUA payment, please have them contact TSS, attention Accounts Payable.  For information regarding payment terms policy, contact TSS at 617-627-7000.
     

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Keywords

    Single Use Account, Accounts Payable, electronic credit payment