Automated Clearing House (ACH) is an electronic network for financial transactions in the United States. Vendor ACH allows for electronic payments to vendors and replaces the Electronic Data Interchange (EDI) payment method formerly used by the University.
Vendor ACH payments are delivered by direct deposit into a vendor’s preferred bank account. (The vendor supplies their banking information.) An email notification is sent to the vendor’s designated employee email address each time a payment is issued. Advantages of vendor ACH include improved cash flows, secure funds transfer, reduced paperwork and no lost or stolen checks.
Vendors must register to participate in vendor ACH by completing an ACH Payment Agreement for Vendors and Vendor Electronic Payment Information Form. Vendors will need to designate an individual from their company as the primary contact.
If you have any questions concerning this process please contact Treasury Services at 804 828-6533 .