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Customers may choose from one of these 3 payment options:

• eCheck or Credit Card Portal.
  Customers may now pay via eCheck or credit card through the new . (Please note, credit cards do include a processing fee which is listed in the portal should this method be selected. eCheck payments do not have any fee attached.)
• Check payments may be made via our AR Lockbox. 
  The address for our lockbox is at the bottom of each invoice, which also includes a payment stub with identifying information for the item being paid. Please send check and invoice payment stub to:
  
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  PO Box 1389
  Williston, VT 05495-1389
   
• EFT Payments (ACH or Wire) or Cash Payments. 
  Departments will need to work with Treasury Management to receive a payment via EFT or to receive a cash payment.

Any University department that has an arrangement with an external customer which results in the generation of income from providing services or sales or is for a reimbursement of costs incurred, must record amounts due as AR in the General Ledger:

• Accounts Receivable must be booked when services are rendered, sales are made, or costs are incurred
• Accounts Receivable must be specific to an individual customer
• Accounts Receivable must be supported by back-up documentation including an invoice or agreement showing amounts due, payment terms, customer, etc.
• Accounts Receivable must be promptly collected upon and aged

The  explains how to record billing and AR activities.

Here are the overall steps in managing a non-sponsored, external billing and AR activity:

1. Set-up: Departments work with FACTS to discuss how to manage billing and AR activity, set up PeopleSoft, and receive training
2. Billing: Departments enter bills, FACTS processes the invoices, and invoices are mailed to customers
3. Payments: Customer payments are received via the AR lockbox (checks with payment coupon) or Treasury Services (cash or checks/EFTs without the payment coupon) or via the (eCheck and credit cards). Customer Transmittal offsets the open invoice on the customer's account.
4. Customer Service/Collection: Departments answer customer inquiries, provide invoice copies or additional documentation, monitor items becoming delinquent, and contact customers to request payment for delinquent balances. FACTS mails monthly statements to customers with balances 60+ days outstanding.
5. Bad Debt: FACTS transfers uncollected AR for which there is no payment arrangement back to the department's chartstring under the Bad Debt account. If payment for a reversed item is received within the same month, FACTS will unpost the reversal to offset the original invoice. If payment is received later, the department submits a Cash Deposit to post the revenue directly to the departmental chartstring.