The contractor should provide: Payment Management Manage Tail Spend: Manage low value, one-time payments to vendors on our behalf in order to reduce the administrative burden related to tail spend. Payment Processing: Handle all aspects of payment processing, ensuring timely and accurate payments to vendors. This includes being responsible for tax reporting (e.g., 1099 or VAT). Global Coverage: Enable seamless transactions and compliance across multiple countries and jurisdictions and manage any currency conversions necessary for international transactions. Flexible Payment Options: Support various payment methods, including ACH, wire transfers, and/or virtual cards, to accommodate vendor preferences. Other: The offeror may describe other benefits of their payment management practices. Vendor Management: Onboarding: Provide a streamlined process for onboarding vendors, eliminating the need for complex and time-consuming setup in our financial systems. Supplier Portal: Provide a portal where vendors can access payment information, submit invoices, and track payment status. Feedback Mechanism: Establish a feedback mechanism for vendors to address any payment-related concerns promptly. Regular feedback can help identify systemic issues and improve overall payment processes. Other: The offeror may describe other benefits of their vendor management practices Order Management Data Delivery: Provide an efficient method for the capture of VCU submitted order data through stand alone tools, punchout catalog (using Jaegger), and/or direct integration (using Banner) to enable vendor payment. Risk Management Payments: Ensure all payments are compliant with relevant regulations and internal policies, reducing financial and operational risks, including W-9 validation and Office of Foreign Assets Control (OFAC) sanctions list monitoring. Accessibility and Security: Provide your Voluntary Product Accessibility Template (VPAT) and Higher Education Community Vendor Assessment Toolkit (HECVAT) forms. A copy of your most recent SOC 2 Type 2 audit may be provided instead of the HECVAT form. Analytics and Reporting User-Friendly Interface: Ensure the platform is intuitive and easy to use for all stakeholders, including procurement, finance, and end-users. Transaction Tracking: Provide end-to-end visibility of payment status, from invoice receipt to payment confirmation. Reporting and Dashboards: Offer real-time dashboards and customizable reports to monitor tail spend performance. Spend Analytics: Provide detailed insights into tail spend patterns. Training and Support: Provide comprehensive training for users and ongoing support to address any issues and ensure smooth operation. Implementation Timeline: The offeror is expected to outline a detailed implementation plan, including key milestones, timelines, and responsibilities. The goal is to ensure a seamless transition to the proposed solution with minimal disruption to existing processes.
