UCSF has partnered with U.S. Bank to expand our virtual credit card program known as Payment Plus. This service allows for the system delivery of automated virtual Visa card payments to our suppliers. Our goal is to increase our ability to pay our suppliers faster, improve process efficiency and working capital management, as well as reduce the cost of processing check transactions.
We have identified a list of suppliers for this initiative and U.S. Bank is now contacting them to enroll. This initiative is an important part of our procure-to-pay process and we encourage you to promote the benefits of the Payment Plus program to suppliers with whom you interact today, as well as with any new suppliers that you engage.
Key benefits UCSF receives from expanding our Payment Plus program are:
- Reduced costs from a streamlined payment process
- Increased spend visibility
- Removing risk of late payment to suppliers
Key benefits our suppliers receive from enrolling in Payment Plus may include:
- Accelerated payment and improved cash flow
- Reduced paperwork and streamlined accounts receivables process
- Real-time notifications for each card payment
- Complete remittance detail to support efficient receivables posting
- No changes or modifications to your existing card acceptance procedures
The current process for purchase orders and invoices will remain the same. The only change will be the payment process. As an added incentive, we will update payment terms for suppliers participating in the Payment Plus program to pay them immediately upon approval of invoices.
Please direct suppliers to contact the UCSF Enrollment Team at (888) 560-5014 or email [email protected] if they have questions about the Payment Plus initiative.
For more information about the program, please visit Payment Plus. Thank you for supporting the Payment Plus program.