Vendors Electronic Funds Transfer Program
The Maryland State Comptroller's Office is contacting vendors, who receive more than $50,000 or more than six checks from the state during the year, to sign up for electronic payments using the Automated Clearing House (ACH) Network. This will assure that vendors receive their payments in their bank account within two days, and will eliminate post office delivery delays and reduce postage costs for the State.
Detailed payment information can be found on the Comptroller's web page and allows vendors to track the State's processing of their payments from processing by the state agency to transmission of the payment to the bank. Vendors enrolled in the Electronic Funds Transfer (EFT) program will have their payments deposited into the single bank account that the vendor has designated.
Participation is easy. In order to register for ACH payment, the vendor must complete a GAD X-10 form and follow the instructions on the Comptroller's Web site under Agency Services/General Accounting. Go to: http://compnet.comp.state.md.us/General_Accounting_Division/ This will also provide the link to "One Stop Vendor Payment Inquiry" to view payment detail.