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.
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.
When accounts payable processes were assessed, it became clear traditional processes like paying with paper checks presented an opportunity for modernization.
A new focus was needed on creating efficiencies via updating financial software.
Accounts Payable was mired in traditional payment methods, including heavy paper check usage.
It was clear that savings were within reach—but the methods to get them were unclear.
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.
Right out of the gate, virtual card, E-Pay, ACH, and more were offered as paper check alternatives that quickly boosted return on investment.
Finexio implemented key white glove service to increase supplier digital payment enrollments.
Finexio took 100% of AP payments processes off Amherst's plate immediately.
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.Read the Full Story
First 12 months combined financial benefit from cost savings and revenue.
Rate of all electronic payments made via Finexio were revenue-generating virtual cards.
Newly converted electronic spend in just the first year of enrollment.