As part of the plan to improve the procurement and accounts payable functions and streamline the “Procurement to Payment” (P2P) process, Rensselaer has joined with SciQuest (OSCAR) to implement a digital mailroom for invoice receipt and capture, and American Express to provide additional payment options, resulting in faster payments to suppliers.
Beginning March 3, suppliers will mail all invoices to a central Post Office box instead of sending them directly to employees on campus. According to Procurement Services, this change should expedite the invoice payment process, as employees will no longer need to spend time opening and entering invoice information into OSCAR.
In addition to faster payments, the partnership with American Express will provide suppliers with reduced billing and administrative costs, automated payment notification, the elimination of lost or fraudulent checks, and account information that is securely managed by American Express.
Procurement’s goal is to have all suppliers paid through the new program. Suppliers accepting payments through the new solution will have improved payment terms and the terms for all other payment methods from Rensselaer will be extended.
For questions regarding this initiative, contact your portfolio business manager.