Tesoro’s preferred method of payment is Electronic Funds Transfer (EFT).
What is EFT?
An Electronic Funds Transfer (EFT) Payment is a form of electronic funds transfer that provides a secure, efficient method of receiving payment through the Automated Clearing House (ACH) Network. The ACH Network is a batch-oriented processing and delivery system that provides for the distribution and settlement of electronic transactions and payments among financial institutions.
What are the benefits of EFT?
EFT payments offer the following benefits:
- Eliminates the handling of paper checks
- Reduces any payment problems due to lost, stolen or misdirected checks
- Eliminates mail delays
- Provides for greater payment certainty for cash planning
- Provides an opportunity to electronically update and streamline your cash application and receivables operations
How do I sign up?
Please refer to the Supplier Information Forms.
How do I receive my remittance detail?
Remittance detail will be provided by the bank and may also be received via e-mail. Remittance detail received from the bank conforms to the ANSI X.12 820 standard. To receive remittance detail via e-mail, the EFT form must be completed and include the e-mail address. The remittance e-mail will contain the following information:
- Reference – The supplier’s invoice number
- Text – Represents information that is entered when processing payment that may indicate special instructions or unique account numbers
- Amount – Invoice amount remitted for payment for the associated supplier invoice number
- PO # – Supplier’s purchase order for invoice
Tesoro has rolled out the Track system as our contractor management system for selected suppliers. If you are currently using the Track system at one of our locations, you will receive the following information with your remittance e-mail:
- Reference – Service entry number
- Text – Timesheet number (populated on service entry sheet)
- Amount – The dollar value of the service entry number
- PO # – Supplier’s purchase order for timesheet number