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Effective Oct. 6, a new payment process called ExacTrac was implemented for the payment of eProcurement catalog orders (orders placed through the Show Me Shop). Implementation of the new payment process begins with invoices from Fisher Scientific. The remaining ePro catalog vendors will be added after of a few weeks of piloting with Fisher Scientific. All ePro vendors should be added to the process by the end of the calendar year 2008.
ExacTrac allows the university to pay for eProcurement catalog orders using a one-time-use virtual credit card number. The vendor will receive the electronic purchase order for the catalog items purchased through the ePro Show Me Shop. The purchase order will contain a credit card number for the vendor to charge, and will be preset to allow the amount of the purchase order and no more. The vendor will not need to send Missouri S&T an invoice for payment.
After the vendor processes the credit card transaction, the information will be sent to procurement using a new piece of our current procard reconciliation software, PaymentNet. The system will automatically match the payment with the appropriate purchase order. The charge will then be fed on a daily basis to the general ledger.
More information is available online at: www.umsystem.edu/ums/departments/fa/management/procurement/apps/epro/exac_trac_payment_info.pdf or by contacting campus procurement at 341-4266.