HOW WILL MY VENDORS (PAYEES) SIGN UP FOR ACH PAYMENTS?
Providing SBF with the correct e-mail address for the payee’s accounts receivable
or billing department is key.
Payees that have a payment ready for disbursement will be sent an e-mail notification
from J.P. Morgan Chase requesting them to accept payment and providing an option to
the payee to have the funds electronically deposited into their account. At this time
payees can register for ACH through Concourse’s secure portal and save their bank
information and even set up auto pay for future payments.
WILL ACH BECOME THE DEFAULT PAYMENT?
No, ACH will not become the default method of payment. The default payment type will continue to be a check. Payees who register for Concourse’s
ACH payment option will expedite receipt of payment. Each time a payment is ready,
the payee will be notified via e-mail. If the payee elects not to register for ACH
or ignores their e-mail notification, the payment will be made via check 7 days after
the email is sent.
HOW DOES A PAYEE CLAIM PAYMENT?
Payees will receive an email from J.P. Morgan Concourse with the subject: “You Have
Received a Payment from Stony Brook Foundation, Inc.” The email will have the payment
details with a link to register and accept payment. Registration is only required upon first use only.
Please share this JPM Chase Concourse QuickStart Guide for Vendorswith your vendors. It is a step-by-step guide to the Concourse payment platform.