How to Obtian a Prepaid Card

Effective Date:

February 5, 2016

Function:

Accounts Payable

Contact:

Megan Moran

Basis for Procedure

New payment type in Oracle Accounts Payable which will offer great flexibility for campuses when issuing payments.

Procedure Summary

This document describes how to make payments via a prepaid card, describes appropriate uses for the prepaid card, and describes how to obtain a prepaid card.

Procedure

When to Use the Prepaid Card Method

The prepaid card payment method should be used when the receipient will not accept a non-payroll-related payment from the Research Foundation (RF) via check or direct deposit. Prepaid cards should only be used when paying human subjects, researchers in the field, or other individuals that will be receiving recurring payments.

What is a Prepaid Card?

A prepaid card is a like a debit card loaded with funds and that can be reloaded in the event of a need for recurring or future payments. The prepaid cards will be maintained by RF Finance Office and campuses interested in this payment method may contact the Finance Office.

Length of Time for Payment to Reach Recipient

It typically takes 1-2 business days from the time the payment is processed for it to be loaded to a recipient’s card.

Fees

The costs associated with each card is $2.25 and will be paid for by RF Central Office. There are no monthly cardholder fees or fees for reloading the cards but cardholders will be charged a fee for inactivity after six months.

Review and Approval

Payments made using the prepaid card payment method are subject to the same review and approval procedures required when using the standard vendor payment process. Refer to How to Review a Request for Goods, Services, or Payment for specific requirements.

Obtaining a Prepaid Card through the Finance Office

The Finance Office will process the requests for prepaid cards within 2 business days after receipt of the RF Prepaid Card Request Form. Requests must be made well enough in advance to ensure the card(s) arrive on time to then be sent to receipants and meet any payment timing obligations.

Procedure Steps

The following table outlines the steps campuses must take to obtain prepaid cards through the Finance Office:

Step

Role or Responsibility

References or Tips

Create a supplier record for the individual who is going to receive the prepaid card.

Campus – AP/Purchasing

Be sure to include the invidiual’s TIN.

Complete the RF Prepaid Card Request Form and email it to RFPrepaidCard@rfsuny.org.

Campus – AP/Purchasing

 

Notify the campus that the banking information is complete and mail card(s) to campus via UPS overnight delivery.

Central Office – AP

 

Input and validate the invoice.

Campus – AP

Important: For the Payment Method, select Electronic; for the Remit-To Bank Account Name, select Key Bank - Prepaid Card.

Disseminates card(s) to recipient(s).

Campus – AP

 

For security purposes, recipients of the card are responsible for activating their card by calling 1-866-295-2955 and for also establishing the 4-digit PIN. Campuses will not have access to this information.

Cardholder

 

Definitions

None

Related Information

How to Review a Request for Goods, Services, or Payment for specific requirements.

Forms

RF Prepaid Card Form

Change History

Date

Summary of Change

February 5, 2016

New document.

 

 

Feedback
Was this document clear and easy to follow? Please send your feedback to webfeedback@rfsuny.org.

Copyright © 2011 The Research Foundation of State University of New York