A paper check is mailed to the vendor’s remittance address. A remittance advice is included with the check. This is a statement that lists each invoice number, date, and amount that is being paid on that check.
Electronic Funds Transfer
EFT transfers the funds directly to the vendor’s checking account. Only those vendors who are paid in US $ to a US bank are eligible for EFT.
To be set up for EFT, the vendor must complete an EFT Enrollment form to provide all of the necessary bank information. A pre-note, or penny test is performed prior to turning on EFT to ensure the set up was accurate and transmission was successful.
Kodak sends all invoice detail information in the transmission to the bank and does not send a separate remittance advice to the vendor. The bank must provide the remittance advice to the vendor.
Wire Transfer is for payments to foreign vendors who are being paid in foreign currency or to a foreign bank. The bank information must be provided to the buyer who will forward to the appropriate group for set up. A separate remittance advice is sent via Electronic Data Interchange (EDI) to the bank.