Accurate invoice submission and the use of accelerated payment options can speed up payment to your suppliers. Have questions about payment terms and options? Contact the Financial Service Center at (609) 258-3080 or by email.
Payment Date Calculation
The payment date is calculated from the date that the supplier’s invoice (including a University-issued Purchase Order number) is received by Accounts Payable via email. It is not the date listed on the invoice. For fastest processing, all prices and quantities should exactly match the prices and quantities specified on the purchase order.
Accelerated Payment Terms
Two accelerated payment methods are available to suppliers:
Immediate Payment via Virtual Payables (preferred): Suppliers receive a unique credit card number which they use to settle approved invoices. Payment terms are “Net Receipt,” which means the full amount is paid upon receipt and approval. Learn more about the Virtual Payables program.
Automated Clearing House Electronic Funds Transfer (ACH): Suppliers receive electronic funds transfers directly into a specified bank account. Payments default to Net 30, meaning the full amount will be paid within 30 days of receipt of the invoice via email, unless one of the following terms is selected:
4/3 Net 30: 4% discount if paid within 3 days
3/5 Net 30: 3% discount if paid within 5 days
2/10 Net 30: 2% discount if paid within 10 days
1/20 Net 30: 1% discount if paid within 20 days
Check Payment Terms
If suppliers do not choose accelerated payment terms, they will be paid in net-45 days. Suppliers selecting this payment option will have a paper check for the full invoice amount mailed to them 45 days after the invoice has been received by Accounts Payable.