New payment option: RRD launches Virtual Payables Card initiative
RR Donnelley, in partnership with Bank of America, has launched an electronic accounts payable solution to facilitate post-invoice payments to our suppliers. This solution leverages a Virtual Payables commercial card account. Our goal is to leverage this Virtual Payables Card program in order to streamline our payment solution with our key suppliers.
As a key supplier to RR Donnelley, we would like to start paying suppliers with our Bank of America Virtual Payables Card instead of by check or other payment methods.
RR Donnelley will make payments according to the terms established in your vendor account upon receiving accurate and correct invoices.
Specific benefits you may experience when you accept payment via the Virtual Payables Card program:
- Reduced mail time and guaranteed payment, which improves cash flow
- Reduced paperwork and streamlined accounts receivables processes
- Real-time notifications for each card payment
- Complete remittance details to support efficient receivables posting
- No changes or modifications to your existing card acceptance procedures
The Virtual Payables program is an important initiative for RR Donnelley and, as such, we expect the support of our supplier community.
How it works:
There are two options available to you for accepting Virtual Card Payments:
- Dedicated Card Account: Your company is issued a 16-digit virtual card account number and keeps this information on file.
- Secure Email Delivery: Your company does not wish to house the 16-digit virtual card account number. Instead, you will leverage a secure email process to access the account number with each payment received.
Select the best option to suit your needs. Once you are enrolled in RR Donnelley’s Virtual Card Payables program, for any future payment you will receive an automated remittance notification email alerting you of the amount to charge and other pertinent details of the transaction.
Any associated card fees, including but not limited to processing fees, are the responsibility of the customer and will not be covered by RR Donnelley.
Please contact the RR Donnelley Enrollment Team via email at virtualpayables@rrd.com with questions or for further assistance.
To learn more about how Virtual Payables works and the many benefits of accepting payments by credit card, or to review frequently asked questions, go to: http://www.bofaml.com/virtualpayables.