SPS SharePoint HubQueen’s Strategic Procurement Services (SPS) has partnered with Scotiabank to offer Visa Payables Automation (VPA) as a payment option to our supplier community. Our goal is to leverage the commercial card program in order to improve process efficiencies and to reduce the cost of manual payment processing.
How does VPA benefit our suppliers?
- Payment efficiency - Queen's payment term for suppliers who accept VPA as a payment method is net 0 - 7 days from invoice approval. Queen's posted payment terms for other methods is listed on the SPS website at Payment Terms and Methods.
- Working capital benefits - reducing receivables and accelerating cash flow into the organization by:
- The cost of borrowing is greater than the merchant fees resulting in a net gain;
- More predictability around cash;
- Leveraging reporting allows for easy reconciliation of invoicing; and
- Resource effectiveness through easy access to data and getting funds sooner.
- Process efficiency - reduced paperwork and streamlined accounts receivables process.
- Statistically lower risk of fraud.
- Customer acquisition and retention - by accepting VPA, suppliers provide a valued service which may be a determining factor in becoming or remaining a preferred supplier of Queen's. As Queen's seeks to concentrate spend, suppliers who offer flexible and beneficial payment solutions may receive increased business and strengthen their competitive advantage with Queen's and other clients.
How it works
Upon enrolling, suppliers will be directed to access a secure Visa website to obtain the credit card account which will be used to process future VPA payments. When receiving a VPA payment, suppliers will receive an automated remittance notification email alerting the supplier of the payment available for deposit, along with other pertinent details of the transaction.
How the Visa Payables Automation application functions from the perspective of a supplier or recipient payee.
How to enroll
To enroll in the Queen's VPA program, please have an authorized company representative email our Supplier Support team at aq.supplier@queensu.ca with cc to vpa@queensu.ca, with the email subject line of “Request to Enroll in Queen’s VPA Program”. Please include the company name and preferred remittance email address the VPA account should be connected to in the body of the email. Once Queen's has set up your company in the VPA system, a welcome email from Visa will be sent to the remittance email address outlining additional information on the program. All payments from Queen's will be made via the VPA payment method, going forward. Once enrolled, Queen's would like to assist companies with receiving their first VPA payment - if your organization wishes, Queen's will walk your company through the initial payment to ensure a successful processing experience. Please contact vpa@queensu.ca for this support once enrolled. Note: Vendors must have an established merchant account in order to enroll in the VPA program.
Questions
If you have questions regarding Queen’s VPA program, please contact:
Diane Begin, Accounts Payable Lead
Email: vpa@queensu.ca
Phone: (613) 533-6000 ext. 74166