Most accounts payable departments are cost centers, but Wake Forest University has transformed its department into a revenue generator.
The university is using PayNetExchange from Ellucian, a cloud-based service that provides outsourced check printing and distribution, ACH electronic remittance, and virtual card (v-card) processing for vendor invoice payments. Within four months of using the solution, Wake Forest University cut its check processing costs in half and earned $14,785 in rebates.
Institutions have been feeling the crunch of funding cuts for years and consequently many students are feeling the pinch of continually rising tuition costs.
The U.S. Department of Education published its annual College Affordability and Transparency lists this month and year-over-year climbing costs remain the norm.
As reported by the Associated Press in USA Today, on average, in-state tuition at public four-year institutions has increased at a rate of 5.6 percent per year in the last decade. The AP additionally reported that, by comparison, community college increases averaged less than one percent.
(13)
(61)
(2)
(15)
(9)
(6)
Headquarters: 4375 Fair Lakes Ct, Fairfax, Virginia 22033, USA