Payments
Policy
FIACCT 05-25_40 Payments – Payment Plus – Processed Through FINET
Effective: January 1, 2015
Revised: January 1, 2015
Reviewed: January 1, 2015
Purpose
This policy defines the policies and procedures for Payment Plus payments processed through FINET.
Policy
A. FINET vendors may choose to receive payments via single-use credit card numbers. This program is called Payment Plus and is an optional program for FINET vendors.
B. A FINET vendor may request to be removed from this program. If they do, the Division of Finance will
change their vendor setup in FINET to issue their payments either by EFT or by warrant, depending upon the preference of the vendor.
Procedures
Responsibility
Action
Division of Finance
Prepare a list of vendors to be contacted to determine if they would like to participate in the Payment Plus program and send it to US Bank.
US Bank
Contact each vendor on the provided list and determine if they are willing to participate in the Payment Plus program. Provide the vendor name, vendor number, contact name, contact phone number, and remittance email address to the Division of Finance for those vendors opting to participate in the Payment Plus program.
Division of Finance
Enter a Vendor Customer Modification (VCM) document into FINET for each vendor opting to participate in the Payment Plus program. This will record the information provided by US Bank in FINET and set up the vendor to participate in the Payment Plus program.
Agency
Enter payment documents in FINET as you normally would. Once a vendor is set up for Payment Plus, FINET will process all payments to them using Payment Plus.
Division of Finance
When requested, cancel open Payment Plus payments and reissue either by EFT or by warrant, depending upon the preference of the vendor. When necessary for partial payments, have the bank reconciliation accountant clear the remaining difference and process a JVA to the coding block provided by the payment issuing department.