Accounts Payable Vendors
State Farm® focuses on being our customers' first and best choice in the products and services we provide. We expect nothing less from the vendors we buy products and services from. We are striving to provide newer, more efficient means of interacting with our vendors. State Farm processes payments for thousands of vendors, both within the United States and Internationally. With this in mind, we have developed the following information which we hope will help you better understand our Centralized Accounts Payable process.
Our Operation
State Farm’s Accounts Payable department in centrally located in Bloomington, Illinois. We process payments for all our operation centers located in the United States and Canada. We are open from 7:00 a.m. to 5:00 p.m. Central Time Monday thru Friday.
Some of our key objectives are
Our definition of an Accounts Payable Vendor is
As an Accounts Payable vendor to State Farm, we expect you to
Confidentiality Policy
1099 Reportable Payments
Electronic Funds Transfer (EFT) Payments
Assessment Consideration
Some of our key objectives are:
- Pay what we owe
- Reduce costs through economies of scale
- Consistent processing and aging of payables
- Improved invoice tracking
- Efficient cash management
- Increased research capabilities
- Create a center of expertise
- Efficient routing and approval process
- Utilize electronic commerce
|
Our definition of an Accounts Payable Vendor is
Any provider of goods/services that State Farm contracts with on a one-time or recurring basis. (Vendors that provide services for claims or are part of our Service First® Program are not considered an Accounts Payable vendor.)
State Farm’s promise to you as a vendor:
- Pay what we owe in the most efficient manner and pay according to agreed upon terms.
- Offer vendors multiple payment options (Check, Electronic Funds Transfer, etc.) (See Electronic Funds Transfer (EFT) Payments below)
- Provide outstanding customer service and address any needs you may have in working with or receiving payment from State Farm.
- Act with honesty and integrity and present a consistent message to all our vendors.
|
As an Accounts Payable vendor to State Farm, we expect you to
Work with the appropriate State Farm contacts to:
- Understand our business environment, strategies, and needs.
- Provide accurate, timely invoices for goods/services rendered.
- Provide accurate W-9 information to verify tax identification and 1099 reportable payments. (See 1099 Reportable Payments below)
- Work with State Farm’s Purchasing Division
on procurement and contract related activities.
Purchasing will manage the procurement process,
which includes issuing Requests for Proposals,
contracting for the required products and services,
securing pricing, verifying invoice accuracy, and initiating payments.
- Help resolve any issues such as address and billing errors, payment terms, and other contract compliance issues.
- Act with honesty and integrity and present a consistent message to all contacts within State Farm.
|
Confidentiality Policy
- We expect your company to adhere to the provisions
of the confidentiality provisions of the NDA. Specifically,
your acceptance of our request for your services
and your performance of those services is expressly
conditioned on and subject to your agreement that:
- You will not use customer information we
provide for any purpose other than the specific
services we are asking you to perform.
- You will disclose or share customer information
we provide only to the extent necessary to
accomplish the services that we request.
- In the course of your business dealings
with State Farm, you may learn of or have
access to certain confidential, patent, copyright,
business, trade secret, proprietary, or other
like information or products of State Farm
or of State Farm's other vendors, consultants,
suppliers, or customers. You agree to keep
all such information strictly confidential.
|
1099 Reportable Payments
As a vendor to State Farm, we are required by the Internal Revenue Service
to have a Form
W-9 on file to verify tax identification and 1099 reportable payments.
All vendors are expected to sign, and either fax or mail the completed W-9
verifying their tax information to State Farm. Failure to return a completed
and signed copy of this document may result in your organization being placed
in backup withholding status.
Electronic Funds Transfer (EFT) Payments
State Farm offers Electronic Funds Transfer (EFT) to qualifying vendors. Qualifying
vendors will need to have a valid email address and internet access in order
to receive payments via EFT. If a vendor wishes to receive their payments by
EFT, an Electronic Funds Transfer Authorization
Agreement needs to be completed. Vendors need to fill out the form completely,
sign and either fax or mail to the address listed with the necessary voided check
or deposit slip attached. You will be set up to receive payments via EFT immediately
after State Farm receives the completed authorization form and voided check or
deposit slip.
Once a vendor has been set up to receive payments, they will receive instructions
from State Farm on how to access their account information on-line.
Assessment Considerations
This information has been provided to give you a general idea of State Farm’s
Accounts Payable process. It does not supersede any written agreements you
may have with State Farm. Please direct requests for additional information
or questions to:
FSS-Accounts Payable
State Farm Insurance
3 State Farm Plaza South P-4
Bloomington, IL 61791-0001
Phone: (309)-735-7000
Fax: (309) 735-2640
© Copyright, State Farm Insurance Companies, 2004
|
