WEX Inc. (NYSE: WXS), a leading international provider of physical, digital and virtual corporate card payment solutions, recently announced it has partnered with Higher One to launch VendorPay, a customized virtual payment solution for higher education institutions. VendorPay builds on WEX’s e-payments technology proficiency in the online travel, insurance and medical payments verticals, and leverages Higher One’s comprehensive understanding of the higher education market and its needs.
Designed for campuses’ accounts payable departments, VendorPay eliminates paper check disbursements to the campuses’ vendors and suppliers, and it offers those vendors and suppliers an option to receive their payments faster and more predictably. Additionally, VendorPay simplifies accounts payable disbursements by streamlining not just the payment process, but also the secure storage of vendor data and payment preferences. It also combines detailed reporting and data for remittance and reconciliation for both the institution and the vendor.
“With a decade of campus know-how in simplifying disbursements, Higher One is excited to tap into WEX’s aptitude in virtual payments technology and to offer a new opportunity for campuses to achieve significant cost savings as they navigate a challenging budgetary climate,” said Miles Lasater, COO and co-founder of Higher One. “We look forward to building upon our partnership with WEX to grow our business and provide a new solution nationwide.”
VendorPay is powered by WEX Bank, a subsidiary of WEX, and Boost Payment Solutions, a business-to-business payments solutions provider.
Click here to view the entire WEX press release.
Download a complimentary copy of PayStream’s 2012 Purchasing Card reportto learn more about the WEX solution, formerly known as Wright Express. The report includes a detailed WEX profile and case study.