What You Should Know
In order to minimize cash handling , electronic funds transfers should be used whenever possible for all non point of sales and non point of service payments to the University.
Wire transfers and automated clearing house (ACH) payments are two methods of electronic payment that can be used when people or organizations pay Princeton University for goods or services.
For transfers coming from outside the United States, international wire transfers are the preferred method of payment. For transfers coming from domestic banks, please try to encourage the sender to use an ACH payment (also known as a direct deposit). This method of payment is less costly for both the sending institution and for the University.
Information for Senders
If a vendor requests the University’s payment instruction for electronic transfers, contact cash operations for Princeton University wire transfer and ACH instructions, which include the University’s bank account and routing number. For either electronic transfer method, request that the sender include at least one of the following in the reference field of the transfer:
- the department receiving the funds;
- a Princeton University contact (the person responsible for the transaction); or
- the internal project grant and account code to be credited.
Information for Recipients
Upon receiving confirmation that an electronic transfer has been initiated by a sending institution, please contact cash operations and provide the following:
- name of the originator;
- dollar amount of the transfer;
- project grant and account code to be credited; and the
- intended purpose for the payment.
When the University receives the funds, cash operations will contact you to let you know the funds have been received and are being credited to the requested project grant.
Occasionally, the University receives unexpected funds. In the event cash operations is unable to identify the intended receiving department, the transfer will be deemed unidentifiable. A listing of unidentified receipts is circulated monthly via email to all departmental financial managers.