Payment Plus Campaign & Benefits
Payments will be processed as credit card transactions, so standard merchant fees will apply. There are no direct fees imposed by Caltech or by the issuing bank. Caltech will also not absorb fees associated with a Suppliers Merchant Service Provider.
Suppliers will receive the card account information via secure e-mail or directly from us. If a Supplier needs a Card Authorization form signed they can provide it to us for signature and maintain that form with the card information. Each remittance advice is your authorization for process the credit card transaction for the exact amount indicated.
Benefits to Suppliers
Enhancing cash flow: Participating in this program expedites the receipt of cash by eliminating mail and paper check float.
Expedited Payments: e-Payables payments are typically available within 48 hours of payment processing compared to lengthy time of issuing checks (standard net 55 terms)
Saving time and money: Participating reduces the labor, hassle, expenses and risk associated with checks
Reduced cost: Participating in this program will afford suppliers a reduced cost and manpower for billing and accounts receivable departments
Preferred Supplier Status: Suppliers will be able to have priority status for invoice approval
Going green: Paperless, electronic payments are more secure, save money and also help conserve the environment by eliminating printing and mailing paper checks.
Enhanced reporting: Participating suppliers will receive enhanced remittance information for more efficient back-end reconciliation