What is FastPay+?
The Kinder Morgan FastPay+ program is an electronic payable solution from VISA that streamlines the order-to-pay business cycle. The VISA payment method provides an alternative to costly manual check disbursements and addresses safety concerns and check fraud. We electronically generate a unique credit card number for every vendor. With each payment, vendors will receive a secure email with the credit card number and any other information needed to process a payment.
What is the purpose of this program?
Kinder Morgan has made a commitment to and investment in the conversion of as many as possible of our U.S. based vendors from manual check payments to electronic payments, through our FastPay+ e-payables program. Our goal is to simplify the payment process and accelerate our vendor’s cash flow. We have named this program “FastPay+”.
What are the benefits to you?
- Payments to vendors are generated 5 days a week, M - F. Checks are only processed one (1) day a week (Wednesdays).
- Expedite payment and float advantage – funds typically deposited within 24-48 hours of the transaction.
- Reduce collection costs.
- Eliminate the need to carry trade credit.
- Strengthen relationship with Kinder Morgan
- Detailed remittance information for quicker reconciliation.
- Improve name recognition and potential sales as your company will be published in monthly listing posted on the KM FastPay+ intranet site.
How does it work?
Upon enrollment you will receive a welcome letter confirming your enrollment in the FastPay+ program. As soon as invoices are approved for payment, you will receive a secure e-mail with the credit card number, invoice number(s), invoice amount(s) and any other information you may need to process a payment. Once you process the payment for the exact amount specified, settlement is posted within 24-48 hours. Please note, each transaction has a set amount associated with it and payments can only be processed for that exact amount. Anything more or less will result in a decline.
Questions or Comments
For questions or comments concerning FastPay+ topics, email FastPay@kindermorgan.com or call direct at 713-369-9799.