Miami University is implementing the most cost effective and secure payment strategies to make sure that funds are delivered to our suppliers in a timely manner, and risks of fraud or misuse are minimized.
We are shifting away from issuing checks to electronic payment methods that involve payments by credit cards (SUA) and electronic payments directly to the vendor's bank account (ACH). Miami's preferred method of payment is through its single use account (SUA) virtual card program, currently offered through J.P. Morgan Chase.
Payment Method | Default Payment Terms |
---|---|
JP Morgan Credit Card (SUA - single use account) | NET (Payable immediately upon Miami's processing of each invoice) |
Automated Clearing House (ACH) | NET (30) |
Direct Deposit - Individuals | Next Business Day |
Accurate invoice submission and the use of accelerated payment methods can speed up payment to our supplier.
J.P. Morgan's Single-Use Accounts (SUA) is an electronic payment solution that enables the university to process payments faster and more efficiently.
Under the program, suppliers who enroll into the program will be paid by a one-time use electronic credit card. Each time a payment is disbursed to the supplier, a secure email message will be sent with the electronic credit card information. Using this information, the supplier can process the payment transaction themselves or by using their credit card processor and receive their funds immediately after invoice has been received.
The acceptance of SUA payments comes with no additional costs from JP Morgan or the University, although processor fees will apply as agreed upon with the supplier and their credit card processing merchant bank.
Please contact Accounts Payable at accountspayble@miamioh.edu for additional SUA enrollment details.
ACH payments disbursed to the suppliers are made to the account and financial institution designated by the supplier according to the agreed upon payment terms. Payments default to Net (30), meaning the full amount will be paid within 30 days unless discount applies.
The preferred method for payments is Direct Deposit or JP Morgan SUA.
Paying by check is a highly inefficient process for all parties involved. Checks are more expensive to produce, are often lost or uncashed, and must then be reissued. In addition, it may take 40+ days from the date a supplier submits an invoice before a check has cleared and they have access to the funds.
At Miami University direct deposit is the preferred method of payment. In Workday Miami individuals can manage their payment elections for direct deposit. Payments done through direct deposit are received by the next business day.
Miami faculty, staff, and students who wish to be paid as a supplier with Miami University will need to be set up through Accounts Payable.
To set up payment elections through Accounts Payable, log into Workday and select view profile to update payment elections.
Please note: Accounts Payable payment elections differ from Payroll and Bursar payment elections.
Anyone not currently affiliated with the University can fill out an ACH Direct Deposit form to be set up with a payment election for Accounts Payable. Payments done through direct deposit are received by the next business day.
501 E. High Street
Oxford, OH 45056
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Hamilton, OH 45011
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West Chester, OH 45069
Chateau de Differdange
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Grand Duchy of Luxembourg
217-222 MacMillan Hall
501 E. Spring St.
Oxford, OH 45056, USA