Boston University’s standard payment terms is Net 60.
What does Net 60 mean?
- Payment will be made 60 days after the date on the invoice.
What is an accelerated payment?
- Boston University suppliers will also have the option to enroll in Boston University’s accelerated payment program during supplier registration. For questions please contact email@example.com. Optional early payment choices include:
- 0.5% 40 Days, Net 50
- 1% 30 Days, Net 50
- 2% 10 Days, Net 30
- 3% 5 Days, Net 30
This means that Boston University will deduct a percentage of the total invoice amount if payment is made earlier than Net terms. For example, if a supplier selects 2% 10 Days, Net 30 as a payment option, Boston University will either pay the invoice 30 days after the invoice date (Net 30), or pay the invoice 10 days after the invoice date and deduct 2% of the invoice amount.
How can I change my terms to the accelerated payment program?
- Please make sure that your company is registered as a supplier with Boston University. Only registered suppliers can receive payment from Boston University. If you have any question about your supplier status, contact firstname.lastname@example.org.
What if my company has a contract or an open purchase order with Boston University with different payment terms?
- Boston University will honor its past contractual commitments. Invoices against new purchase orders or contracts issued after July 1, 2010, will be paid per the new payment term program. Products or services delivered to Boston University without a purchase order or contract will be subject to payment under the University’s new payment term program. Invoices must reference an authorized Boston University purchase order number in order to guarantee timely and proper payment.
How do I know that Boston University will honor its payment term commitments?
- Boston University will make every effort to pay an invoice within agreed upon contract terms. Suppliers interested in receiving timely electronic payments from Boston University must use either Bank of America’s Paymode EFT payment program or Bank of America’s ePayables credit card payment program. Please contact Accounts Payable for further information on how to sign up for Paymode or ePayables.
I still have questions about the Boston University payment terms. Who can I talk to?
- You can send an email to email@example.com and a member of the Sourcing & Procurement department will contact you.