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Posted on: December 17, 2018

Virtual Payables

Virtual Card Payments

Spokane County has partnered with Bank of America Merrill Lynch to offer a virtual card payment program, called virtual payables, to the County’s suppliers. This is the County’s preferred method of payment and is part of a county-wide effort to reduce paper and decrease the amount of time to pay our suppliers.

When an invoice is approved for payment an electronic remittance advice will be sent to the supplier by email or fax, instead of check. The remittance advice will include statement-type information such as invoice numbers, dates and amounts for the invoices. Payments can be retrieved with the bank’s designated account number that will be assigned to the supplier. The current procedures for invoicing, as well as any County contracts, remain the same.

What are the advantages of virtual payables?

  • Reduced exposure to check fraud
  • Expedited receipt of cash – funds are typically deposited within 48 hours of the transaction
  • Time savings – fewer calls for lost or misplaced checks
  • Cost saving – no check processing costs, no collection costs associated with lost or misplaced checks
  • Fewer errors – remittance data transmitted with payment for more efficient back-end reconciliation
  • Sustainability – less check stock to purchase

If you are interested in learning more about Virtual Payables and its benefits, please go to www.baml.com/VirtualPayablesvendors. Spokane County appreciates your products and services and we look forward to providing you with this more efficient payment option.

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