PayNetExchange from Ellucian

Finding ways to reduce costs and streamline processes is a priority on most campuses today. Electronic payment solutions help institutions reduce the cost and labor involved in repetitive tasks associated with check writing. By taking a closer look at your payment strategies, you can move from check writing to cost-effective and efficient payment strategies like 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 provides outsourced check printing and distribution, ACH electronic remittance, and virtual card processing to help you manage vendor invoice payments more efficiently and accurately. With virtual cards your vendors can access a single-use, unique card number in lieu of paper checks to securely collect payment of invoices online or over the phone. This service, unlike similar services from banks, requires no minimums for virtual card payments and provides monthly rebates back to your institution. 

PayNetExchange can help you:

  • Improve accuracy in invoice payment processing
  • 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