We just got a letter from one of our recurring customers inviting us to participate in their new electronic payment program, referring us to www.baml.com/epayablesvendors and telling us that a representative from Bank of America will contact us to confirm our enrollment.
I’m wondering if anyone out there has any experience with this that they are willing to share.
My questions right now are:
1) What is the typical time lag between invoice and payment?
2) Can they do a rush payment or can you only get paid once a week on the appointed day?
3) What are the costs to the supplier? (It looks like it is no cost to our customer – so someone must be paying. The BAML literature says “leverages existing credit card payment process” but we don’t do credit cards.)
4) What am I not asking about that I should be?
Thanks in advance for any insight you can provide.
Cindy
------------------------------
Cindy Stark-Jones CMA
BR Jones Roofing Co
Stratham NH
United States
------------------------------