Payment Methods

Bank Checks
Bank Wire Transfers and Foreign Drafts
Direct Deposit
Electronic Payments
Small Purchase Credit Card (SPCC)

Bank Checks

For instances where SPCC is not acceptable, commercial suppliers can be paid via paper check.  The College issues bank checks and mails these checks on a daily basis. 

Bank Wire Transfers and Foreign Drafts

A wire transfer of funds will only be utilized in payment of an obligation of the College of William and Mary/VIMS when the situation requires immediate good funds to settle a transaction or it is the most inexpensive mechanism that can be utilized.  The University Comptroller shall reserve the right to approve all wire transfer requests. Bank wires are used primarily for the direct transfer of currency to the vendor’s bank (usually foreign.) For international payments, a currency converter should be used to convert funds as of the date the payment is keyed into Banner.  This will ensure the correct exchange rate is used.  Wire or foreign draft disbursements will be processed using the existing accounts payable voucher and wire disbursement process. Departments requesting wire or foreign drafts disbursements will be charged a $40 transaction fee.

A. To complete the wire process:

  1. All vendor payments to be paid by a wire transfer of funds will be initiated by departments using the same guidelines as for any vendor payment: in accordance with prompt pay requirements and cash management objectives of not paying the voucher earlier than need be unless there is appropriate justification or financial incentive.
  2. Department will prepare Vendor Payment Request Form according to established guidelines and will attach all necessary supporting documentation. 
  3. If the vendor to be paid is not in Banner, the necessary tax documentation must be obtained and sent to AP for the creation of the new vendor in Banner. This includes the W-9 or W8-BEN Form.
  4. Department will fill out the Wire Transfer Request Form providing all the pertinent banking information for the vendor.

B. To complete the wire transfer fee recording in Banner:

     If a College of William and Mary Department

Department will complete a Journal Voucher (JV Form) to charge the department index the $40 wire transaction fee. This JV form will be attached to the voucher, debiting the department for the wire fee and crediting index 1Z2014, account 712420.  

    If a VIMS Department

VIMS Departments must reimburse WM for the $40 transaction fee.  Departments will complete a set of forms:  MMM and MM1 (both found in the Data Control website).

  1. MMM – Department will credit WM banner index 1Z2014 and account 712420
  2. MM1 – Department will debit their department banner index and account 712420

C. Departments must send all documentation to their respective Accounts Payable department for processing.

 College of William & Mary

•Department will create Vendor Payment Request Form and attach all necessary information.
•If Vendor is not an existing vendor in Banner, department will collect necessary documenation such  as W-9 or W-8 Forms.
•Department will complete the Wire Transfer Request Form with all the Pertinent Banking Information.
•Department will create a JV to charge department the $40 wire transfer fee.


 VIMS

•Department will create Vendor Payment Request Form and attach all necessary information
•If Vendor is not an existing vendor in Banner, department will collect necessary documenation such  as W-9 or W-8 Forms.
•Department will complete the Wire Transfer Request Form with all the Pertinent Banking Information.
•To reimburse WM for the $40 fee, VIMS Departments will complete a one sided MMM and to record the fee will complete a one sided MM1 Form

Direct Deposit

For Staff, Faculty, and Students who are also employees of the College payments will be processed using Direct Deposit.  The funds will be deposited directly into the employee’s primary payroll direct deposit accounts.

For Staff, Faculty and Students checks without direct deposit accounts and for Students who are not also employees; checks will no longer be sent to campus addresses or temporary addresses.  All checks will be mailed to the home address on record.

Electronic Payments
  • Expedited receipt of Cash
    Vendors will receive payment within a couple of days of payment processing
  • Increased Efficiency
    Vendors will no longer receive paper checks nor paper remittance information.  Process is entirely electronic.  There are no physical check to deposit in the bank or wait for it to clear.
  • Less exception handling
    Eliminates common problems of lost/re-issued checks, unpredictability of payment receipt and all the additional research for a lost or misplaced check.
  • Increased security
    Less paper, no sharing bank account information leads to a more secure process

Single Use Commercial Credit Card (VISA)

When choosing Commercial Card Payments:

  • Must have a merchant number and payment card terminal to process transactions
  • Card transactions limits cannot be supported at this time.
  • Card is funded for the total payment amount of invoice/invoices being paid
  • College of William and Mary does not pay processing fees.

Automated Clearing House (ACH)

When choosing ACH Payments:

  • Must have a US bank account, US Address and a US federal tax id or social security number
  • Provide your banking information
  • Must have email address to receive remittance information

Please send an email to apdept@wm.edu to enroll in electronic payment.

Small Purchase Credit Card (SPCC)