Vendors of the State of Illinois have reason to feel relieved. Finally, there is a program in place to settle overdue invoices. After waiting months for payment, State of Illinois vendors can get paid now using the services of VendorPayment, a Qualified Purchaser under the state-regulated Vendor Payment Program (VPP).
Why the Vendor Payment Program Was Created
The State of Illinois created the Vendor Payment Program (VPP) to combat their delinquency in paying invoices in a timely fashion. While the same orderly process of verifying vendor invoices is still intact, the final step, which includes issuing a warrant to release the necessary funds for payment, has been delayed due to lack of available money. As a result, a vendor’s invoice may have a voucher for payment, and yet remain unpaid.
This backup in unpaid vendor invoices has caused significant cash flow problems for vendors. Ultimately, it’s led to some very distressing situations.
Recognizing the difficult position of the vendors that provide valuable goods and services to the state, the State of Illinois has committed to rectifying the situation by implementing the Vendor Payment Program.
Main Purpose of the Program
The State of Illinois Vendor Payment Program (VPP) is designed to alleviate the burden of extensive wait times for payment of invoices. Specifically, the VPP addresses payment of vendor invoices that are at least 90 days past due. As such, the only eligible invoices that can be considered through VendorPayment.com are those with a due date of at least 90 days prior to the date of submission through VendorPayment.com.
Details of the Program
Specific details of the program can be found in the FAQs and other areas of the VendorPayment.com website. However, the high points of the Program include:
- Program is 100% free of charge to vendors
- Invoice must be a minimum of 90 days overdue
- Invoice must be approved for payment by the State
- Vendor and invoice must not be under lien or encumbrances
- Vendor must be in good standing with the State
- 100% of the invoice value is paid to the Vendor
The creation and implementation of the VPP credits the deep commitment of the government of Illinois to the vendors that serve its goods and services needs. This is truly the next big thing for the state of Illinois and its loyal vendors. Sign up now to get started!
