In August 2013, Sears Holdings Management Corporation ("SHMC") adopted a policy to discontinue the use of paper checks. As part of this policy, all current and prospective vendors were required to enroll in one of our SHMC electronic payment options by May 4th, 2014. This was a three month extension from the original policy allowing vendors more time to comply.
Over the past nine months we have included letters with every check payment, alerting our vendors of this policy change and requesting immediate action. Effective August 1st, 2014 SHMC will only send out paper check payments once per month, which may cause your payment to be delayed. To prevent any potential delay, we would ask that you sign up for electronic payment immediately.
Please note if you are a vendor with multiple Duns numbers receiving paper checks, you may need to fill out an electronic payment form for each. Your Duns number will be located in the top left corner of your paper check remittance under your vendor name.
Once you complete the chosen e-payment option, please complete and send the form to SHCACH@searshc.com. Our accounts payable team will be in touch with any questions.
A payment option where payments are transferred electronically to the supplier's bank. The benefits of EFT include reduced administrative costs, increased efficiency, simplified bookkeeping, and greater security.
A payment option that allows electronic payments to our vendors via a credit card platform. Vendors who enroll in the program are issued a $0 credit card number dedicated to them. The card is activated with a payment when a payment file is sent to BofA from SHC. The vendor will receive an email remittance advice along with an approval to charge the card for that amount. By receiving payments through the ePayables program, vendors can expect several benefits:
- Reduces check processing and accounts receivable administrative costs
- Ensures greater payment consistency and timeliness by automating the payment process
- Enables better customer service by providing access to automated payment information
- Going green - paperless, electronic payments are more secure and help conserve the environment by eliminating printing and mailing paper checks.
If you are interested in learning more about ePayables and its' benefits, please click here or copy and paste the following url into your browser: www.bankofamerica.com/epayablesvendors
Here is a copy of the External Communications