Archives: Glossary

Vendor portal

A secure online portal that facilitates vendors’ business with an organization. Vendor portals typically provide vendors with access to information such as purchase orders, invoices, payment status, and allow vendors to securely submit requred information such as tax and bank account information.

Vendor Information Management

Vendor information management (also known as supplier information management) is the practice of requesting, receiving, verifying, approving and maintaining the information required of a vendor (supplier) to do business with an organization. To order, receive and pay for products or services from a vendor, an organization must have specific information about that vendor. The organization Vendor Information Management

Vendor email compromise (VEC)

A type of fraud in which criminals hack into a vendor’s email account and use it to send fraudulent invoices or requests for payment to the vendor’s customers. VEC can lead to financial losses and reputational damage.

Vendor

A person or company that offers products or services for sale to others (the term is sometimes used interchangeably with supplier).

Vendor

Any supplier of goods or services to your organization.

UCC

The Uniform Commercial Code, which is a set of standardized laws that govern various commercial transactions and business activities in the United States.

TIN

Tax identification number, such as a social security number (SSN) of an individual, or an employer identification number (EIN) of a company; used by tax authorities to identify a person or entity.

Tax treaies (U.S.)

The United States has income tax treaties with many countries under which non-U.S. residents of treaty countries are eligible to be taxed at a reduced rate or be exempt from U.S. income tax on U.S.-source income. These reductions or exemptions apply to the otherwise 30 percent mandatory withholding on U.S.-source payments made to them. Payees Tax treaies (U.S.)

Supplier

A person or company that provides needed material, product or services to others (sometimes used interchangeably with vendor).

Statement

A summary of financial transactions or activity over a specific period, commonly provided by banks, credit card companies, and other financial institutions,and also by vendors to their customers.

Self-service

A circumstance in which an individual serves himself or herself, rather that applying to someone else for help. While typically implemented to save money by having customers do for them selves what someone once did for them, customers have accepted it due to the control gained over a process, and increased efficiency. As applied to Self-service

Shared Services

A organizational structure whereby certain common business functions, such as finance, IT and HR are consolidated within an organization and provide services to all units, providing efficiency and economy of scale.