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PayMyTuition Meshes Education VendorManagement With AP. With a new solution designed to deepen buyer-supplier ties, PayMyTuition has rolled out its vendormanagement tool for the education sector. Technology that sits in between these business partners can help to accomplish both.
Another major hurdle unique to the purchase-to-pay space is the process’s deep touch points with an array of other back-office functions within the enterprise, including vendormanagement, product sourcing, accounts payable, accounting, inventory management, contract management, manufacturing and distribution, and more.
The nonprofit industry has a lot to gain from this payment technology, claims a new whitepaper from vendormanagement consulting firm Vendor Centric. But what a commercial card can’t do as well as a virtual card is security. Nonprofits are well-positioned to benefit from virtual credit cards,” the report concluded.
This is, unfortunately, is just a point-to-point system, there is no reconciliation on this basic platform. What the offering must include, he noted, is an entire toolbox of services that automate the entire end-to-end lifecycle of the B2B payment from procurement to reconciliation. And the payment, he noted, is just that — a payment.
“By embedding our Working Capital Terms’ digital loans directly into QuickBooks, we make financing available to our customers when and where they need it most to pay vendors, simplifying the payments process and reducing time spent reconciling accounts.”.
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