WEX Inc. (NYSE: WXS), a leading international provider of physical, digital and virtual corporate card payment solutions, today announced it has partnered with Higher One to launch VendorPay, a customized virtual payment solution for higher education institutions. VendorPay builds on WEX’s e-payments technology proficiency in the online travel, insurance and medical payments verticals, and leverages Higher One’s comprehensive understanding of the higher education market and its needs.
“As the pioneer in developing a virtual payment solution more than 10 years ago, we are continually looking for ways to bring our technology solutions to markets where there is a real need, like higher education,” said Jim Pratt, vice president of corporate payment solutions at WEX. “Higher One’s deep knowledge and experience in delivering efficiencies and cost savings to universities and colleges across the country makes it the ideal partner to offer the new VendorPay service.”
Designed for campuses’ accounts payable departments, VendorPay eliminates paper check disbursements to the campuses’ vendors and suppliers, and it offers those vendors and suppliers an option to receive their payments faster and more predictably. Additionally, VendorPay simplifies accounts payable disbursements by streamlining not just the payment process, but also the secure storage of vendor data and payment preferences. It also combines detailed reporting and data for remittance and reconciliation for both the institution and the vendor.
“With a decade of campus know-how in simplifying disbursements, Higher One is excited to tap into WEX’s aptitude in virtual payments technology and to offer a new opportunity for campuses to achieve significant cost savings as they navigate a challenging budgetary climate,” said Miles Lasater, COO and co-founder of Higher One. “We look forward to building upon our partnership with WEX to grow our business and provide a new solution nationwide.”VendorPay is powered by WEX Bank, a subsidiary of WEX, and Boost Payment Solutions, a business-to-business payments solutions provider.