Pressure to reduce spending and doing more with less in higher education continues as government subsidies fall. As a result, tuition costs and required fees continue to rise placing a greater financial burden on students and their families. Moreover, leadership in higher education must consider the societal and cultural impacts of their procurement decisions. These constraints highlight the need for educational procurement to improve across the following:
- Failure to take advantage of available purchase and funded early pay discounts, and no cost delayed payment programs;
- Rising financial and environmental impact costs of manual paper based transaction processing, settlement and reconciliation;
- Lack of procure-through-pay insight necessary to maximize savings and incentives;
- Inability to ensure integrity in procure-through-pay processes and relationships from a legal, moral, diversity, cultural, social and environmental perspective.
VISION For Education
The PayBack Platform delivers financing and enablement, which address the challenges of higher education today. By putting PayBack to work, discounts are maximized, purchasing is streamlined, new revenue is created, and payment transactions are reduced. PayBack places a premium on the relationship between our buyers and suppliers, offering a unique opportunity to maximize value through the utilization of funded early-pay discounts. Finally, PayBack’s data analytics gives educational institutions insight into internal purchasing habits and trends, as well as supply chain analysis to buy smarter with less adverse social and environmental impact. All of this is at no cost to buyers and results in providing resources to the greater benefit of their campus and community.
PayBack Platform Capabilities
TRANSACTION DATA INTEGRATION
FINANCING & PAYMENTS
SPECIAL PROJECT FINANCING
UNIFIED PAYMENT PROCESSING
SUPPLY CHAIN INTEGRITY
LAST MILE ONBOARDING