Doing Business at the University
What has changed?
- The University of Arkansas System has partnered with PaymentWorks to enhance supplier onboarding.
- Effective October 2022, suppliers must be invited by the university to register through PaymentWorks to establish a Supplier Account.
What is PaymentWorks?
PaymentWorks is a digital supplier onboarding platform.
How does it work?
This platform allows campus organizations to invite potential suppliers to complete an online onboarding process and become a verified supplier for the university. Through this process, suppliers will submit their identity which is then automatically verified against third-party data sources.
What is the purpose?
The purpose of this partnership is to automate the complex payee management process and eliminate the risk of business payment fraud. PaymentWorks offers a security guarantee on all suppliers onboarded through their platform and provides validation or information to help the university make the determination to approve a supplier. This will help streamline the process of onboarding a vendor while reducing the risk.
Who initiates the process?
Suppliers must be invited by the university to register through PaymentWorks. The PaymentWorks process can be initiated for both new and existing suppliers and also allows suppliers already verified in PaymentWorks to update their information.
How should Suppliers prepare?
Supplier must have a confirmed (or intended) business relationship with the university to be invited by the university to register through PaymentWorks. Be prepared to address onboarding questions and provide supporting documentation (e.g., signed and dated W9 OR W8) as the registration process will require supporting documentation.
- Domestic Suppliers
- W-9 Form - IRS
- Foreign Suppliers
- W-8 BEN-E Form: Form W-8 BEN-E (Rev. October 2021) (irs.gov)
- W-8 BEN-E Instructions: Instructions for Form W-8BEN-E (Rev. October 2021) (irs.gov)
- W-8 ECI Form: Form W-8 ECI (Rev. October 2021) (irs.gov)
- W-8 ECI Instructions: Instructions for Form W-8ECI (Rev. October 2021) (irs.gov)
- W-8 BEN Form: Form W-8 BEN (Rev. October 2021) (irs.gov)
- W-8 BEN Instructions: Instructions for Form W-8 BEN (Rev. October 2021) (irs.gov)
- Bank Confirmation
- Bank confirmation is required through PaymentWorks for payments by ACH and wire transfer.
- ACH Payment Method:
- If a supplier choses payment by ACH, a copy of a voided check or bank statement is required.
- Wire Transfer Payment Method:
- If a supplier choses payment by wire transfer, a confirmation on bank letterhead is required, in English, with relevant account information prior to all wire transfer payments to institutions, companies and individuals.
- The bank confirmation letter must include the account name, account number, address, and routing number for wire payments, in addition to any applicable transaction codes (i.e., SWIFT, IBAN, branch code, sort code, etc.)
- The bank confirmation letter will be required for uploaded during the supplier registration process.
Updating Supplier Information
Once a supplier account is established, suppliers will be able to manage their own information via PaymentWorks. Suppliers are also encouraged to periodically review all contact, ordering, and remittance information in PaymentWorks.
- Accounts Payable (Financial Affairs)
- Submit invoices email firstname.lastname@example.org
- Lost check inquiries email email@example.com