Amherst College

We welcome the opportunity to partner with Finexio to create back office and payment efficiencies for Amherst and our suppliers.

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Kevin Weinman, CFO of Amherst College

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100% of AP payment processing

was taken off Amherst's plate.

The immediate relief of time spent on AP payments freed up their team for more value-add activities, allowing other financial projects to get off the ground.

Finexio customer since

2019

A private college in Amherst, Massachusetts, is ranked as the best liberal arts college in the country in 2018 by the Wall Street Journal. Since 1821, the not-for-profit private college has sought to prepare its students to make a difference in the world, offering 850+ courses to its 1,800 students.

Before Finexio

The Challenges

When accounts payable processes were assessed, it became clear traditional processes like paying with paper checks presented an opportunity for modernization.

Outdated Software

A new focus was needed on creating efficiencies via updating financial software.

Paper Check Dependency

Accounts Payable was mired in traditional payment methods, including heavy paper check usage.

Costly Accounts Payable Processes

It was clear that savings were within reach—but the methods to get them were unclear.

With Finexio

The Solutions

With an opportunity for modernization and optimization identified in the form of AP processes, Finexio’s efficiency-creating and cost-cutting AP-Payments-as-a-Service was a perfect fit.

Wholistic Process Improvement

Finexio took 100% of AP payments processes off Amherst's plate immediately.

Concierge-Level Supplier Enablement

Finexio implemented key white glove service to increase supplier digital payment enrollments.

Digital Payment Options

Right out of the gate, virtual card, E-Pay, ACH, and more were offered as paper check alternatives that quickly boosted return on investment.

Today

The Results

With Finexio's solutions in place, Amherst saw immediate value financially from the electronic payment conversions, and also got invaluable time back to focus on value-add activities in their finance teams.

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$49k

First 12 months combined financial benefit from cost savings and revenue.

60%

Rate of all electronic payments made via Finexio were revenue-generating virtual cards.

$40m

Newly converted electronic spend in just the first year of enrollment.

It's time to make your AP spend work for you.

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