FAQs

Treasury FAQs

Is the University able to receive payments from individuals and/or organizations via ACH in lieu of a check or cash?

Yes, we can receive money by ACH direct deposit. Go to www.smu.edu/help and select “ACH Request” to get started. SMU can also accept online credit/debit card payments using the SMU eStore. Go to SMU STABLE and select the eStore tile to get started. 

As a general rule, it is easier to receive ACH payments from companies/organizations. Payments from individuals are typically better handled through a simple SMU eStore. We have several SMU eStores set up to collect fees, trip deposits, payments for merchandise, etc. Customers can go to the online store and pay by credit card.

In most cases accepting payment by ACH and credit/debit card requires less administrative work compared to depositing a check. Please communicate these options to your departments.

Should Treasury Services be involved with any changes to existing or new credit card processes?
Yes. Please reach out to our group in the beginning stages of any software purchase, gateway related issues and changes to any current or new credit card processes.
 
When Should I pay a vendor by wire?
Wires are the only method to pay international vendors and should only be used for this purpose. For domestic vendors, other pay methods should be explored.

Please visit the wire transfers page for more details. Wire Transfers

 
What information do I need to send a wire payment?
First, you’ll need the bank account number for the beneficiary. Second, you’ll need the wire routing number. The wire routing number is different than the ACH ABA number listed on checks. You’ll also need the name on the bank account and the address information for both the bank account and the address for the vendor’s banking institution. Ask the vendor if their bank can provide one document with all of this information on one page with the bank’s letterhead at the top of the page.

Please see the wire transfer checklist for more details. Wire Transfer Form CheckList

 
Can I pay a vendor in another currency other than USD?
Yes. Wires can be sent in any currency. Be sure to carefully notate on the wire form if you need to pay the vendor in another currency.
 
Is it more difficult to send international wires to certain countries?
Yes. If you need to send a wire payment to Canada, please obtain intermediary banking information along with beneficiary bank account information. Most countries in Europe use an International Bank Account Number (IBAN). Most countries also use a SWIFT Code for the wire routing number. Canadian wires are complicated. Please carefully collect and review all wire information for Canadian wires.

Please see the example given. Wire Form Examples - Canada 1