The Treasurer's Office, in partnership with UPST, coordinated the 1st comprehensive system-wide strategy to streamline supplier payments. One of the major outcomes is that UMass has moved from a standard payment term of 30 days to 45 days to align better with the Commonwealth. This provides more favorable payment terms for suppliers that utilize the University’s preferred payment methods or provide discounts to the University.
Other benefits of the Disbursement Strategy project are:
- Reduce high cost and operationally inefficient payment methods
- Provide options to suppliers to select payment terms more favorable to them and their business practices
- Drive net payment discounts and capture third party rebates
- Add new payment technologies to drive efficiency (Zelle - future release)
In summary, this project allows the University to align payment strategies with the advances in banking. The project team interviewed other higher education institutions to ensure UMass is aligned with leading practices.
Please contact treasurer_epay@umassp.edu for any questions you may have regarding UMass Payment options.
Visit the Treasurers Payment Strategy page for more information.