Paper Checks - This is currently the default payment method.

Checks for payment of AP/PO invoices are printed each Tuesday nights and mailed to the vendor via US Mail on Wednesdays.

Check request and travel form checks are printed every night and are distributed the following day either via US Mail or VU Campus Mail.

For internal control purposes, all checks payable to a supplier/third party are to be mailed directly to the supplier from Disbursement Services. Suppliers are not allowed to pick up checks directly from Disbursement Services. On occasion a department may have a valid business purpose for picking up a supplier's check for distribution; in these cases, Disbursement Services may extend permission to the department on an exception basis with proper documentation.

As of February 1, 2013 all payments/reimbursements/refunds to Vanderbilt faculty, staff, and students will be mailed directly to the payee or sent to their bank via Direct Deposit.

Electronic Funds Transfer
Payment to vendors may be made through a bank-to-bank electronic transfer of funds in lieu of a check. Any vendors interested in this option should contact Disbursement Services for more information.

ACH
The ACH Network is a nationwide batch-oriented electronic funds transfer system for the interbank clearing of electronic payments for participating financial institutions. The most common payments made through this system are federal and state tax deposits. Any suppliers requesting ACH processing for their payments should contact Disbursement Services for prior approval. These payments are not processed through the University's payables system, and therefore are not viewable in the PDS Infoview reports.

Wire Transfer
A wire transfer is a transfer of funds through a third party broker directly to a payee's bank account. This type of payment is most often used to pay a vendor using a foreign bank account or in non-US currency. Additional processing fees apply for all wire transfers.

To request an International Wire Transfer the payee should indicate this as the preferred method of payment on their invoice and include all relevant banking information. The following banking information must be provided on documentation direct from the payee:

Bank Name:
Bank Address:
Account Name:
IBAN/Account Number: 
SWIFT Code/ABA/Routing Number:

Once initiated by Disbursement Services, based on established payment terms, the funds are received by the recipient bank within 1-3 business days. The recipient bank releases the funds to the supplier according to their banking practices, which may vary by company or country. Please allow sufficient time for these banking delays.

Payment Cards
The Procurement card is both a purchasing method and a payment method and is the preference for small dollar and retail purchases – www.vanderbilt.edu/tpc.

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