Office Of The Comptroller

Buyer is implementing a Prompt Pay Discount program where contractors offer percentage discounts for early payments. Contractors benefit from increased cash flow, especially when accepting Electronic Funds Transfer payments. The Commonwealth benefits from reduced costs of products and services through applied discounts. Payment days are measured from when goods/services are received or invoice received, whichever is later.

• 6/30/2030 - Proposal Due Date

• Must provide a Prompt Payment Discount unless it would be unduly burdensome
• Must accept Electronic Funds Transfer payments
• Must have capability to track payments through VendorWeb system

• Provide prompt payment discount percentages for 10, 15, 20, and 30 days
• Accept Electronic Funds Transfer (EFT) payments
• Track payments through the state accounting system (MMARS)
• Verify payments through the Comptroller's VendorWeb system
• Apply discounts to prices for early payment issuance
• Sign and date the Prompt Pay Discount Form
• Provide justification if prompt payment discount is a hardship
• Reduce cost of products/services through applied discounts