Accounts Payable Process

The following are the primary payment methods employed by Illinois Tech in order of preference based on the University's overarching settlement strategy prioritizing security and efficiency. Any method beyond those listed below requires Procurement Services’ prior approval.

University Virtual Credit Card Program

For vendors participating in Illinois Tech's Virtual Credit Card Program (vCard), the payment term is Net 15 - 15 days after invoice date. The vCard program is administered through Illinois Tech's payment partner OnPay and once a payment is remitted to the vendor, the vendor will be notified and provided with instructions on how to retrieve the payment from OnPay. The normal merchant fees apply for the vendor the same as any credit card payment transactions.

If your vendor is interested in signing up for the vCard payment program, please contact Madeline Olszak at molszak@iit.edu directly.

Ach Direct Deposit

For vendors who can accept electronic ACH direct deposit payments, the payment term is Net 30 - 30 days after invoice date. The vendor's banking information is required to set up ACH payments including Bank Name, Bank Account Name, Routing Number, Bank Account Number, and a copy of a void check for verification. No additional fees apply to the vendors if accepting ACH payments.

If your vendor is interested in signing up for electronic ACH payment, please contact Lauren Hickey at lhickey1@iit.edu directly.

Paper Checks

If the vendor is unable to receive electronic payments, the University can also pay by paper checks with a payment term of Net 45 - 45 days after invoice date. Checks are printed on Mondays and Thursdays of each week by our off site payment partner and are released for mailing on Tuesdays and Fridays of each week.

Procurement Card (P-Card)

A P-Card is a credit card issued to authorized employees to make allowable purchases of goods and supplies up to $2,499.99 on behalf of the University. The P-Card is also used for authorized University business travel expenses by University staff and faculty. As the P-Card is billed to and paid for by the University, P-Card holders are personally responsible for their assigned P-Cards, must not allow others to use their P-Cards, and should diligently secure the card at all times to guard against fraud and unauthorized use of the P-Card. P-Card holders are also responsible for the timely reconciliation of their P-Card(s) on a monthly basis and failing to do so will result in suspended P-Card privileges.

Travel and Expense Reimbursement (Direct Deposit)

Use of personal funds is allowed for the purpose of allowable goods when logistical or extenuating circumstances occur that preclude the use of a PO or P-Card. The purchase of allowable goods using personal funds in excess of $500 is prohibited unless it is the only viable alternative given the circumstances. Services may not be procured with personal funds, excluding travel-related services such as dining, ground transportation, etc. Travel and expense reimbursements are processed through Accounts Payable and paid via Direct Deposit every other week on Wednesdays.

Wire Transfer

Illinois Tech only uses Wire Transfers to pay foreign vendors who do not operate in the United States. Because of the high processing fees associated with making wire transfers, domestic vendors are only paid via wire transfers in special cases and with the approval of the Associate Controller. If you need to make a wire transfer, please initiate a Buy It eMarketplace requisition and make sure that an invoice and a completed Request for Wire Transform Form is uploaded as part of your requisition. Please clearly identify the requisition as a Wire Transfer Request in the item name/subject line, and after the necessary approvals, the request will be routed in Buy It to the Controller's Office to process the wire transfer.