Incoming payments to the University are separated into six different revenue streams, listed below. The receipt and GL posting of the General Receipts category is managed by the Cash Management team. The remaining categories are managed separately by that department’s finance team.
Penn accepts various payment methods in order to collect University revenue. These methods are explained below with processing information for each. The University recommends departments collect funds electronically whenever possible.
The University accepts both ACH and wire transfers for incoming payments. An ACH is preferable in most cases as there is a lower cost to the University, however a wire transfer is acceptable and sometimes may be preferable for large electronic fund transfers.
In order for the University to receive a payment via ACH or wire transfer, the payer will require the University’s banking instructions and possibly a bank letter to verify the account information. The account information will vary depending on what department they are trying to pay.
The list below provides an overview of the department accounts and the appropriate webpage or contact information for each department. Anything that does not fall under Gifts, Research, SRFS, PCI or Wharton Executive Education should be directed to General Receipts.
The University offers schools and centers the ability to accept credit card payments in-person and online. If your department would like to accept credit cards, please email your request to email@example.com.
The Cash Management department has a payment portal available for low-volume or one-time payments to the University via credit or debit card. Please reach out to firstname.lastname@example.org for the link and instructions.
Vendors requesting to pay the University via Paymode-X can do so by sending the payment to our Paymode Account: TheTrusteesO.Receivables. Please notify email@example.com of the incoming payment expected (amount, date and vendor) and where you would like it posted.
The University accepts cash at select campus locations. Cash should always be kept securely in a locked drawer, box or safe. See Depositing Funds for more information on cash deposits.
The University accepts both domestic and foreign checks. All checks should be made out to the Trustees of the University of Pennsylvania. The University will not accept post-dated, stale-dated or unsigned checks.
The University accepts foreign checks issued in foreign currency or USD. Foreign checks must be sent to Cash Management via BEN Deposits and processed through the bank’s foreign collections department. Once the funds have posted to the University bank account, Cash Management will adjust the amount in BEN Deposits and post the amount collected to the GL. The amount collected will be dependent on the current FX rate and any additional fees that may be deducted before reaching the University.
There are three main identifiers to help determine if you have a foreign check: currency, drawee bank location and ABA number. If any of the following apply, it is considered a foreign check and should be processed accordingly.
Deposited checks can be returned to the University for several reasons, such as non-sufficient funds (NSF), closed account, missing signature, or the date is unacceptable (post-dated/stale-dated). The University does not redeposit returned checks.
Once a check is returned, the depositing department is identified and the GL account where the check originally posted is debited for the amount of the return. In addition, the department will be charged the returned check fee assessed by the bank. A copy of the check will be sent to the depositor in order for them to contact the payer and re-collect the payment plus the service fee.
The University accepts domestic and international travelers cheques. These instruments are pre-paid drafts and carry a guarantee from the place of purchase. Although many banks have stopped offering them, they can still be purchased at American Express, AAA and Visa. Travelers cheques can be deposited the same way you would a standard domestic check.
The University accepts domestic and international money orders written in USD. Domestic money orders can be purchased at banks, many convenience stores, check cashing stores and the post office; international money orders can be purchased at the post office. Both of these can be deposited the same way you would a standard domestic check.
The University only accepts international postal money orders issued in the countries listed below and issued in US dollars. These items are processed within the normal United States clearing procedures and no collection fee is assessed to the University.