The Mat-Su Health Foundation recently elected to process payments to grantees and vendors through AvidXchange. To make the change as seamless as possible, we are providing the following Frequently Asked Questions.
Why did Mat-Su Health Foundation change the way it processes payments?
We elected to issue payments through AvidXchange to improve processing time and to give grantees and vendors a choice in how they receive payments.
What is AvidXchange?
AvidXchange is the name of our new accounts payable and payment processing partner.
What are the options for receiving payments?
Recipients can choose payment by electronic one-time use virtual Mastercard, AvidPay direct deposit to your bank account (Electronic Funds Transfer / “EFT”) or paper check sent via U.S. mail.
Are there fees associated with any of the payment types?
The Mat-Su Health Foundation does not charge fees for any payment type. However, please be aware that if you choose the AvidPay direct deposit option, AvidXchange will charge a fee of .95% plus a $1 transaction fee on amounts up to $25,000 and a flat fee of $237.68 plus a $1 transaction fee on amounts over $25,000. MSHF will reimburse nonprofit organizations for those fees if they apply to a grant payment. If you choose the Mastercard payment option, your merchant account processor may also charge a fee. There is no reimbursement of merchant account fees. There is no charge for paper checks.
How long will it take to receive payment under the new system?
Average timelines to process payments are as follows:
- Virtual MasterCard: 2 business days processing time after MSHF approves the payment.
- AvidPay Direct Deposit: 5 business days processing time after MSHF approves payment
- Standard Check: 10 business days processing time after MSHF approves payment.
How does the MasterCard option work?
Grantees or vendors who choose this option will receive an automated email with a secure link to a virtual one-time use MasterCard. The recipient can use the virtual credit card for payments/purchases or deposit it through their existing merchant account. The cards should be processed as quickly as possible because they expire after 10 days.
Can I pick up check payments at the Mat-Su Health Foundation office?
In emergencies we may be able to process a check to be picked up at our office, but most checks will go through the AvidXchange system and be mailed to recipients.
How does my organization sign up for one of the new payment methods?
Payment preferences must be updated at automate.avidxchange.com/healthymatsu or by calling AvidXchange at (980) 326-4054.
Do I have to sign up for AvidXchange?
No. If you choose not to sign up, the default payment method remains check sent via U.S. mail.
How will fee reimbursement for electronic fund transfers (EFT) associated with grant payments to nonprofit organizations be handled?
Grant recipients who are non-profit organizations may request a reimbursement form by emailing MSHFAdmin@healthymatsu.org
I still have questions. Who should I contact?
Please email MSHFAdmin@healthymatsu.org.