Higher Education AP Automation
For Higher education organizations, Paymode-X can make managing the shift to digital payments and invoices simple with an AP solution built to reduce complexity and improve every process.
Payment fraud is everywhere and impacts every kind of organization, including academia. In higher education, large payment runs to vendors and student refunds run up against antiquated Accounts Payable processes and technology, creating a heightened risk of payment fraud. The impacts can be significant, with ACFE estimating a median loss of $100,000 to fraud incidents. Take a closer look at types of fraud your AP department is most likely to be impacted by and what you can do now to reduce your exposure.
Fraudulent Vendor & Student Enrollments
Credential Theft & Account Compromise
Intercepted & Misrouted Payments
With the consistent pressure to increase revenue and reduce expenses amidst dropping enrollments and donations, higher Education institutions are looking for innovative technologies to solve every day finance challenges.
This best practices guide outlines the importance of transforming accounts payable from a paper-based, inefficient function into a streamlined, secure and intelligent operation with great value to the larger organization. Read to better understand the value proposition of AP automation, invoice process refinement, and enhanced payment opportunities.