Types of Payments
- Lewis Day
- Megan McNiff
Making purchases for collections material can involve one of a number of payment options.
The one used for any given purchase may relate to the vendor’s needs, the constraints of payment options, and Harvard’s ability to process a payment to a particular location or vendor.
When vendors complete Buy2Pay registration, they can elect paper check or Zelle (if available) as a payment option. Options other than check or Zelle exist, and are essentially deviations from the check option.
Payment Requests (PR) in Buy2Pay
The various processes on this page occasionally include the creation of a Payment Request in Buy2Pay. There are two different processes for POs and PRs.
- Payment Requests are submitted with the invoice and supporting paperwork as part of the B2P documentation in creating the request. In this case, the supplied paperwork is sufficient. The invoice will be paid.
Paper Check/US Funds
Suitable for: all vendors.
Transaction limit: none.
Paperwork: invoice (stamped, with Alma POL and fund info noted).
Terms: Net+30.
Systems:
Alma processing (order creation, invoice processing, arrival)
Invoice to HL/HCL Financial.
Issue days: checks are cut in the morning on Tuesdays and Thursdays.
Harvard has long preferred the paper check as a means of payment, and this method has been the default for many years.
While this method of payment is widely accepted in the US, foreign vendors are increasingly reluctant to receive payment in this form.
Paper Check/Foreign Funds - discontinued as of 2024
Suitable for: all foreign vendors.
Transaction limit: none.
Paperwork:
invoice (stamped, with Alma POL and fund info noted),
Oanda currency conversion rate (found here).
10% overage estimate (with conversion rate noted).
These all must be attached to the Buy2Pay payment request.
Terms: Immediate.
Systems:
Alma processing (order creation, invoice processing, arrival),
Buy2Pay payment request,
Paperwork uploaded to Buy2Pay payment request,
Issue days: checks are cut in the morning on Tuesdays and Thursdays.
Also known as a Foreign Draft, this method of payment is restricted to vendors who can accept no other payment method.
Zelle Electronic Payment for Individuals
Suitable for: individual vendors (domestic or foreign) with a US bank account.
Transaction limit: $50,000.00.
Paperwork: invoice (stamped, with Alma POL and fund info noted).
Terms: Net+30
Systems:
Alma processing (order creation, invoice processing, arrival)
Invoice to HCL Financial.
Issue days: daily.
Individuals with a US bank account and email address can choose Zelle as their preferred payment method in their Supplier Portal profile to receive electronic payment. This is wholly at the discretion of the vendor.
Paymode Electronic Payment for Corporations
Suitable for: corporate vendors in the US.
Transaction limit: none.
Paperwork: invoice (stamped, with Alma POL and fund info noted).
Terms: Net+30
Systems: Alma processing (order creation, invoice processing, arrival); invoice to HCL Financial.
Issue days: payments are processed on Tuesdays and Thursdays.
Individual vendors with a US bank account and email address can link to Paymode as their preferred payment method in their Supplier Portal profile to receive electronic payment. This is wholly at the discretion of the vendor. In addition to selecting Paymode as their preferred method of payment in Buy2Pay, the vendor must separately register with Paymode-X (a link is provided from within the Supplier Portal). Until their registration has been approved by Paymode (this can take up to four weeks) paper checks will be sent as the default.
Foreign Currency Wire Transfer/Foreign Currency
Suitable for: foreign vendors.
Transaction limit: none.
Paperwork:
invoice (stamped, with Alma POL and fund info noted),
Wire Transfer Authorization Form - Foreign Currency (12/2022).
Oanda currency conversion rate (found here).
10% overage estimate (with conversion rate noted).
These each must be attached to the Buy2Pay payment request as separate files; combine the files for the file to be attached to the Alma payment.
Terms: Immediate.
Systems:
Alma processing (order creation, invoice processing, arrival),
Buy2Pay payment request,
Paperwork uploaded to Buy2Pay payment request,
Issue days: Tuesdays and Thursdays.
For wires not in UK Pounds (£) or Euros (€), please consult Convera's Payment Formatting Guidelines: Country currencies (by currency code) for instructions related to a particular currency. Sometimes a Payment Purpose must be added to the Wire Form's Payment Details line.
Wire transfers in foreign currency to foreign banks only.
No wire transfers may be made to US banks.
Wire Transfer/US Currency
Suitable for: foreign vendors.
Transaction limit: none
Paperwork:
Invoice (stamped, with Alma POL and fund info noted),
Wire Transfer Authorization Form--US Currency (12/2022),
These all must be attached to the Buy2Pay payment request.
Terms: Immediate.
Systems:
Alma processing (order creation, invoice processing, arrival),
Buy2Pay payment request,
Paperwork uploaded to Buy2Pay payment request,
Issue days: daily.
Wire transfers in US currency to foreign banks only.
No wire transfers may be made to US banks.
PCard
Suitable for: all vendors.
Transaction limit: governed by card spending limits, but theoretically none.
Paperwork:
Invoice and/or receipt (stamped, with Alma POL and fund info noted); attached to the Alma invoice payment.
Annotated invoice and/or receipt uploaded in Concur for the monthly sweep.
Terms: Immediate.
Systems:
Alma processing (order creation, invoice processing, arrival),
PCard Concur reconciliation.
Issue days: not applicable.
PayPal
Suitable for: all vendors.
Transaction limit: governed by card spending limits, but theoretically none.
Paperwork:
PayPal receipt (from PayPal Activity), vendor invoice (annotated, with Alma POL and fund info noted); attached to the Alma invoice payment.
Annotated invoice and/or receipt uploaded in Concur for the monthly sweep.
Terms: Immediate.
Systems:
Alma processing (order creation, invoice processing, arrival),
PCard Concur reconciliation.
Issue days: not applicable.