Replacing manual check writing with an electronic payment system reduces costs and labor significantly. Many institutions are transitioning away from check writing and implementing efficient, cost-effective payment strategies such as ACH and virtual card payments with the potential to drive new revenue.
PayNetExchange is a cloud-based service provided by Ellucian in partnership with SunGard AvantGard. It features outsourced check printing and distribution, ACH electronic remittance, and virtual card processing to help you manage vendor invoice payments.
With virtual cards your vendors can access a unique, single-use card number in lieu of paper checks, which ensures that online and phone payments are secure. This service, unlike similar services from banks, requires no minimums for virtual card payments and provides monthly rebates.
PayNetExchange can help you:
- Improve accuracy
- Lower operational and transaction-based costs
- Leverage least cost routing of payments
- Expedite conversion from check-to-ACH or check-to-virtual card
- Improve communications with vendors
- Deliver monthly rebates back to your institution based on virtual card transaction volume
- Administer payment processing without storing sensitive vendor account data in Banner® Finance