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Seton Hall University

Payment Schedule and Payment Terms

The Accounts Payable Team processes approved supplier and reimbursement payments according to established University payment schedules. Timely submission of invoices, approvals, and supporting documentation helps ensure payments are issued in accordance with supplier agreements and University policies.

Payment Expectations

  1. Submit invoices early to meet payment run schedule and vendor payment terms
    • Vendors are paid according to their payment method unless there is an executed contract
  2. Allow sufficient time for approvals
  3. Avoid last-minute urgent payment requests
  4. Fiscal year end cutoff dates: Second to last Monday of June. Ex: June 22, 2026

Weekly Payment Schedule

ACH Payments: Tuesday and Thursday, 3 p.m.
Check Payments: Tuesday and Thursday, 3 p.m.
Finexio Payments: Tuesday, Noon
Wire Transfers: As Needed
Student Refunds: Thursday, 3 p.m.

Seton Hall Payment Terms

  • Virtual Card – Net Now
  • Finexio Express – Net 15
  • ACH – Net 30
  • Check – Net 60

Payment Term Guidelines

  • Encourage electronic payment methods
  • Virtual Card and ACH preferred over checks
  • Verify payment terms on contract as these terms should be applied
  • Do not promise expedited payment without approval

Benefits of Electronic Payments

Faster payments, greater security, reduced fraud risk, elimination of lost checks, and better payment visibility.

Approval Thresholds and Compliance

  1. Payments over $50,000 require finance release approval
  2. Local check can be printed and then approval requested
  3. Electronic payment (local or Finexio – regardless of method) must be approved prior to payment run