, a leader in providing financial services and data analytics to over 1,250 college and university campuses across the U.S., announces the launch of its new service,
, for institutions of higher education. This new streamlined payment processing system is designed to create significant efficiencies and cost savings in the campus’ Accounts Payable department. VendorPay eliminates paper check disbursements to the campus’ vendors and suppliers and offers those vendors and suppliers an option to receive their payments faster and more predictably.
VendorPay simplifies Accounts Payable disbursements by streamlining not just the payment process, but also the secure storage of vendor data and payment preferences as well as detailed reporting and data for remittance and reconciliation for both the institution and the vendor.
Higher One’s VendorPay is powered by trusted bank partner, WEX Bank, a subsidiary of WEX Inc. (NYSE: WXS), a leading international provider of physical, digital, and virtual corporate card payment solutions, as well as Boost Payment Solutions, the leading expert in supplier enablement strategies and implementations for business-to-business electronic payment programs. The result is an established solution, tailored for the higher education market.
“VendorPay represents an opportunity for a campus to achieve significant cost savings, which is essential as colleges and universities are forced to navigate a challenging budgetary climate,” said Miles Lasater, COO and co-founder of Higher One. “Higher One is excited to bring its decade of campus know-how in streamlining disbursements to Accounts Payable. We are confident that VendorPay can be a win-win on both ends in terms of speed of delivery of payment, security, and reporting.”
“We are pleased to partner with Higher One to leverage the combined strengths of our technology solutions with Higher One’s deep industry knowledge and experience to deliver new efficiencies and cost savings for the higher education market,” said Jim Pratt, vice president of corporate payment solutions at WEX.