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Payments Manager

Payments Manager

Princeton UniversityPrinceton, NJ, US
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Payments Manager

The Payments Manager is responsible for managing the university's payments function, facilitating the processing of payments to third parties totaling nearly $3 billion annually. The role is responsible for processing all payments activities for a wide variety of payments including supplier payments, taxes & garnishments, and fund investments in accordance with university controls and approved payment methods. The role will provide critical oversight of all payment activities to mitigate fraud risk and ensure accurate processing of all payments, particularly international payments including foreign currency conversions and interpreting / operationalizing foreign banking requirements.

The Payment Manager role will also be responsible for leading continuous improvement efforts to streamline payment operations in a rapidly evolving climate. The manager will also collaborate with key process partners, stakeholders and colleagues to formulate processes for effective resolution of one-time and emerging needs.

Benchmarking with peers and evaluating emerging digital payment options will be a vital aspect of this role.

In addition to payment processing, this role will have primary accountability for several regulatory processes including the 1099 IRS filing process as well as the escheatment process in several states.

Responsibilities

Payment Processing

  • Generate, transmit, and reconcile all university check, wire and ACH payments on a daily basis
  • Ensure all payments are booked timely and correctly to the general ledger
  • Process payments for all card activities (T&E Card, P-Card & ePayables)
  • Process foreign currency transactions ensuring conversions are calculated correctly and payments received
  • Provide wire transfer confirmations to requesting departments, the Financial Service Center and suppliers.
  • Review payments for appropriate supporting documentation
  • Partner with the university's banks to resolve payment issues including funds not received, duplicated payments and payment reversals.

Tax Reporting

  • Manage the overall process for the 1099 IRS filing for students, staff and suppliers and ensure timely distribution of all notices in accordance with IRS requirements
  • Partner with the Controllers organization regularly to determine the appropriate tax treatment of balance sheet accounts, review individual payment activity to validate correct treatment and correct if necessary.
  • Maintain business rules for tax treatment of each balance sheet account; partner with Tax department to determine treatment for new accounts created throughout the year
  • Partner with the FSC to support inquiries and process corrections
  • Stay abreast of and communicate regulatory changes to management and key stakeholders
  • Prepare and test tax filing submissions to the IRS; ensure timely submission of completed file by IRS deadlines
  • Implement tax withholding functionality in the university's ERP system
  • Manage the university's escheatment process
  • Payment Compliance and Reporting

  • Ensure all payment processing procedures are documented and performed in accordance with policies and tax treatment guidelines
  • Continuous mitigation of fraud through establishing and evolving current controls to reduce risk
  • Support payment programs such as ePayables and emerging digital solutions such as Zelle
  • Partner with Payments Compliance and Controllers groups to investigate monthly balance sheet reconciliations, research reconciling item root cause and process appropriate clearing actions to resolve
  • Administrative

  • Support campus, supplier and FSC inquiries related to payment processes including status, confirmations and resolution of payment issues
  • Work with banking partners to pursue timely resolution of banking channel issues including tracers and recalls
  • Produce payment reports identifying discrepancies in support of reconciliation and escheatment processes
  • Qualifications

    Essential Qualifications :

  • Bachelor's Degree
  • 5+ years' experience in an accounts payable, accounting, banking or finance transaction processing environment
  • Understanding of banking processes and requirements including wire, ACH and foreign currency transactions globally
  • Strong analytical and problem-solving skills with close attention to detail
  • Proven ability to collaborate with other functional areas
  • Demonstrated ability to manage multiple priorities
  • Excellent verbal and written communication skills
  • Proven track record of being a self-starter driven for results
  • Proficiency with ERP systems and Microsoft Office Tools (Excel, Word)
  • Preferred Qualifications :

  • Experience with audit, compliance and fraud detection
  • Familiarity with Peoplesoft Financial Management or other ERP suites
  • Familiarity using business intelligence applications to manage, manipulate and analyze large datasets
  • Experience in a Higher Education environment
  • Princeton University is an Equal Opportunity and all qualified applicants will receive consideration for employment without regard to age, race, color, religion, sex, sexual orientation, gender identity or expression, national origin, disability status, protected veteran status, or any other characteristic protected by law.

    The University considers factors such as (but not limited to) scope and responsibilities of the position, candidate's qualifications, work experience, education / training, key skills, market, collective bargaining agreements as applicable, and organizational considerations when extending an offer. The posted salary range represents the University's good faith and reasonable estimate for a full-time position; salaries for part-time positions are pro-rated accordingly.

    If the salary range on the posted position shows an hourly rate, this is the baseline; the actual hourly rate may be higher, depending on the position and factors listed above.

    The University also offers a comprehensive benefit program to eligible employees. Please see this link for more information.

    Standard Weekly Hours

    36.25

    Eligible for Overtime

    No

    Benefits Eligible

    Yes

    Probationary Period

    180 days

    Essential Services Personnel (see policy for detail)

    No

    Physical Capacity Exam Required

    No

    Valid Driver's License Required

    No

    Experience Level

    Mid-Senior Level #LI-NC1

    Salary Range

    $85,000 to $96,000

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