Virtual Payables is an electronic payment via a ghost credit card. To achieve this more efficient form of payment, we have chosen Bank of America's Virtual Payables solution as our preferred method of payment. As a valued supplier to Old Dominion University, participation in this initiative will yield many benefits:
- Enhances cash flow -expedites the receipt of cash by eliminating mail and paper check float. Vendors that are part of the Virtual Payables program are eligible for early payment terms.
- Saves time and money - reduces the labor, hassle, expenses and risk associated with checks.
- Requires no change to current invoice procedures, submit electronic invoices to email@example.com.
- Provides better control by eliminating the need to give out bank information for ACH payments.
- Going green - paperless, electronic payments are more secure, save money and also help conserve the environment by eliminating printing and mailing of paper checks.
What do you need to do?
- Provide a point of contact within your organization that will be able to keep one of our corporate credit card numbers on file, and process our payments upon receipt of the e-mail remittance advice.
- Set up a general e-mail alias to receive our remittance advice, so that if a new person is assigned to handle card payments, your e-mail contact information will remain valid.
Please note that your standard merchant credit card processing fees will apply.
Please email firstname.lastname@example.org to learn more or enroll in Virtual Payables. One of our representatives will contact you with additional information.
Paymode is a payment via electronic deposit to your bank. Old Dominion requests that all vendors who do not participate in ePayables enroll in Paymode-X so that all future payments will be made electronically to our vendors and suppliers. Participation in this initiative will yield the following benefits:
- Saves times and money - reduces the labor, hassle, expenses and risk associated with checks.
- Enhances cash flow - expedites the receipt of funds by eliminating mail and paper checks float.
- Fits with existing systems and banking practices - requires no software purchases, no modifications to your existing accounts receivable systems, and no changes to your bank or bank accounts.
- Includes detailed remittance information - enables delivery of digital remittance information along with the payment for easier reconciliation.
- Provides history of payments - a detailed history of all PayMode payments from Old Dominion University will be readily available on the PayMode website.
- Environmentally friendly - paperless, electronic payments are more secure, save money and help to conserve the environment by eliminating printing and mailing of paper checks.
The CDS Program intercepts vendor payments to offset debts owed by vendors to State agencies. If it is determined that a vendor is either EDI or CDS, payments to these vendors are transmitted electronically to Richmond so that the CDS vendor payments are applied against taxation debts.
Three payment instances may occur:
- If partial payment is taken, the vendor will receive the remaining balance. The ACH or Check remittance will indicate the amount taken for the debt owed.
- If the full amount of payment is taken, the vendor will not receive any amount of the payment.
- If none of the payment is taken, the vendor will receive the full payment amount.
No checks are produced for vendors who are determined to have a taxation debt set-off.
Contact the Department of Taxation customer service line at 804-367-8031. ODU staff are not able to provide information to the vendor (taxpayer) about any money owed to the Commonwealth of Virginia.
If it is determined that a vendor is EDI, payments to these vendors are transmitted electronically to Richmond so that EDI payments can be electronically deposited into vendor bank accounts.
No checks are produced for vendors who receive payment through the EDI process.