We’re seeing a brighter way at JLL – eliminating paper check payments and transitioning to electronic payments for our suppliers.
This is aligned with JLL’s overall strategy of increasing digitization and reducing our carbon emissions. Let’s work together to illuminate the path forward by creating a more efficient, secure, and sustainable experience for our suppliers.
VCard: Virtual credit card for easier payments (US and Canada only)
Note: Interchange fee may apply dependent on the supplier and their bank agreement.
Electronic Funds Transfer (ACH): Electronically at no cost to suppliers
Note: There are no changes to the payment terms.
Mesa: Early payments via ACH (US and Canada Only)
Note: A fee will apply depending on client agreements terms.
VCard(US and Canada only)
What’s in it for Our Suppliers
- Vcard is JLL’s preferred method to pay oursuppliers
- Security and fraud risk mitigation (mostfraud attempts use paper checks)
- Streamlined accounts receivablesprocesses including straight-throughprocessing capability
- Real-time notifications for each cardpayment
- Complete remittance detail to supportefficient receivables posting andreconciliation
- Reduce payment-related carbonfootprint
What are the benefits of paying suppliers with a VCard?
- Accelerated payment settlement leading to improved cash flow
- Reduced paperwork and streamlined accounts receivables processes
- Real-time notifications for each card payment
- Complete remittance detail to support efficient receivables posting
The invoicing, current procedures, and supplier contacts will remain the same.
Payment terms that are in place with suppliers will not need to change unless more favorable terms are negotiated and implemented.
Bank of America does not charge a fee. The standard interchange fees administered by a supplier’s merchant/bank may apply. We encourage suppliers to review their merchant account agreement and discuss ways to achieve the most favorable rates with their bank.
This fee is unrelated to the rates charged by a supplier. If the rates become uncompetitive, then JLL may need to find a more cost competitive supplier.
JLL’s goal is to expand our VCard program as much as possible in order to optimize the benefits we can achieve from process efficiency, working capital management, and spend visibility. If a supplier does not want to accept the VCard, then JLL is prepared to offer ACH/EFT as an alternative.
Direct suppliers to review the FAQ document via the following link: http://www.bofaml.com/virtualpayables. Additionally, the Bank of America Enrollment Team can be contacted at virtualpayables-supplierenrollment@bofa.com with questions or for further assistance
Electronic Funds Transfer (ACH)
Electronic Funds Transfer (EFT) is an electronic payment delivery network that allows suppliers to pay for or receive funds electronically through the EFT network. The EFT network settles payments twice daily offering an extra element of security over other forms of Electronic Funds Transfer (EFT).
When a supplier needs to make invoice-based payments that cannot be made with a PCard or the supplier does not want to enroll in VCard, then the supplier should be directed to enroll in EFT to receive electronic payments from JLL.
EFT only impacts how the supplier is paid, not on the invoicing process. Instead of receiving a paper check for payment, the payment is deposited directly into the supplier’s designated bank account.
There are no impacts to the payment terms due to EFT enrollment. Payment terms that are in place with suppliers will not change unless more favorable terms are negotiated and approved.
To enroll a supplier in EFT payments, please provide your supplier with their JLL supplier ID# and a copy of the link to the appropriate form by country, system, and language.
EFT payments submitted to:
- Bank of America before noon, settle same day (for other bank cut off times of “same day EFT”, Cash Management team would need to interject)
- Bank after noon and the payor/payee both use the same bank, next day settlement (payment Tuesday afternoon, money in supplier’s account Wednesday)
- Bank after noon and the payor/payee use different banks, 2nd day settlement (payment Tuesday afternoon, money in supplier’s account Thursday)
Mesa is a payment technology and invoice financing provider. Mesa offers an opportunity for vendors to accelerate their invoice payments to net-30 or net-60.
| Net-30 | Pay On Approval [New] |
| How does it work? With Net-30, suppliers will receive payment from Mesa 30 days after the invoice date. What suppliers are the best fit for Net-30? This is optimal for suppliers on client accounts with Net-60+ pay terms. What is the price? The standard Net-30 rate is 2.9% For accounts with payment terms 100-134 days, there is a 0.5% supplemental fee (total = 3.4%). For accounts with payment terms 135+, there is a 1.5% supplemental fee (total = 4.4%). How do suppliers sign up? Suppliers can learn more and sign up at Mesa | How does it work? As soon as Mesa receives notice from JLL that an invoice is approved, we initiate payment to the supplier. Average payment is made in 10 days. What suppliers are the best fit for POA? This is optimal for suppliers on client accounts with terms Net-60 or less. What is the price? Pay On Approval (POA) has tiered pricing depending on payment terms. For client accounts with Net-30 terms, the POA is 1.3%, Net-45 = 2.1%, and Net-60 =2.9% How do suppliers sign up? Suppliers can learn more and sign up at Mesa |