The University of British Columbia has partnered with Scotiabank to offer Visa Payables as an electronic payment option for supplier invoices. Visa Payables allows for the secure electronic delivery of Visa payments to our suppliers.
UBC's credit card team will be working with Scotiabank and Visa to contact suppliers to enroll them in this program.
Benefits of this Initiative
This initiative is beneficial to both our company and our suppliers. Key benefits for suppliers may include:
- Accelerated, predictable payments
- Improved security and privacy, Visa payables does not require UBC to store banking details
- Simplified enrollment process
- Improved cash flow
- Increased accounts receivable efficiency
- Reduced credit and collections activities
- Strengthened trading partner relationship
Who can use Visa Payables?
UBC's Visa Payables program is available to suppliers paid in Canadian dollars who have a Visa merchant account.
If a supplier is currently accepting payment by credit card, they should be able to accept Visa Payables.
How it Works
When a supplier enrolls in UBC’s Visa Payables program UBC creates a virtual credit card exclusively for payments to that supplier.
Payment Process
- The supplier submits an invoice to UBC
- UBC processes the invoice for payment
- UBC sends the payment details to Visa
- Visa sends the supplier a notification with payment details and instructions
- The supplier charges the credit card for the payment
Invoicing Process
- The process for invoicing UBC remains the same. See details.
Enrolment
To enroll in UBC’s Visa Payables program, complete the Visa Payables form and forward it to your UBC contact to initiate a supplier change.
Questions
If you have any questions about the Visa Payables program, your enrolment or payments through Visa Payables, please contact the Credit Card team at visa.payables@ubc.ca.