Amherst College
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Outdated Software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.
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.
Concierge-Level Supplier Enablement
Finexio implemented key white glove service to increase supplier digital payment enrollments.
Wholistic Process Improvement
Finexio took 100% of AP payments processes off Amherst's plate immediately.
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.
Read the Full Story$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.
Interested in learning about how your organization can leverage Finexio's AP Payments as a Service?
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