UNIVERSITY PARK, Pa. — Penn State has selected PaymentWorks as a tool to manage supplier registrations and information. By implementing PaymentWorks, the University will be able to improve operations by providing a more efficient experience for suppliers and staff, while better mitigating spending risk and losses.
Through PaymentWorks, suppliers will now have a streamlined process for managing their profile and contact information; securely entering and updating their banking information; selecting their preferred payment method; viewing payment status and history; and updating important documents such as tax, insurance and other certifications.
Additionally, University staff will no longer be tasked with performing supplier verification, as PaymentWorks will validate suppliers’ banking and company information. PaymentWorks will help mitigate risk by assessing if any transaction is potentially fraudulent. In some cases, PaymentWorks may reach out and speak with a supplier to confirm necessary data. Any fraudulent payments made to an entity that was verified by PaymentWorks is insured by PaymentWorks, which helps to minimize the University’s risk of financial loss via supplier payments.
The shift to PaymentWorks will not change University purchasing processes or restrict access to suppliers.
Currently registered suppliers do not need to do anything at this time. However, all suppliers will eventually need to register through PaymentWorks. Penn State will enroll all current suppliers through PaymentWorks in a three-phased approach:
- Phase 1: October-November, new suppliers registering with the University or current suppliers that need to make changes to their existing supplier record will register through PaymentWorks.
- Phase 2: Beginning Dec. 1, all current suppliers who conduct more than 100 transactions annually will be invited to register through PaymentWorks.
- Phase 3: Starting January 2023, the University will invite all remaining suppliers to register through PaymentWorks.
Visit https://purchasing.psu.edu/suppliers for more information about PaymentWorks, including a list of frequently asked questions and answers.