Higher One Launches VendorPay Virtual Payment Processing System
Higher One has unveiled a virtual accounts payable payment processing system for colleges and universities. VendorPay, which leverages WEX's e-payments technology, is available now.
The Higher One system allows higher education institutions to provide electronic payments by buyer initiated payment (BIP) or check to vendors and suppliers who accept these methods. BIPs let the supplier receive payment through direct deposit and receive electronic notification at the time of deposit. Higher One plans to introduce Automated Clearing House payments in the future.
"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.
Additional features of VendorPay include:
- Secure storage of vendor data;
- Reporting and data through HigherOneSupport.com;
- Processing of electronic payments by corporate payments firm WEX, previously called Wright Express;
- Enrollment of vendors and support from business-to-business payments company Boost Payment Solutions; and
- Credit payment rebates.
"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.
VendorPay is powered by WEX Banking.
For more information, visit higherone.com/vendorpay.