REPAY partnered with a Florida school system to optimize its payments to vendors. As one of the largest public school systems in the United States, the system has over 270,000 students across 300 schools and educational centers.
The school system previously faced $3 billion in annual expenses and high operational costs, including utilities. With such substantial fees and expenses, the school system needed to improve its payment functions and implement a virtual card system to earn rebates and offset costs.
Simplify and Optimize Outbound Payments
REPAY used vendor automation technology to enhance the school system's outbound payment process and combat the high expenses. While traditional and major bank programs have limited offerings, REPAY presented the school system with electronic payment methods to pay vendors, including rebate-earning virtual cards, to reduce the costs and inefficiencies of paper checks. The vendor enrollment service met the school system’s critical payment flow and efficiency criteria, enabling it to streamline and simplify vendor payments.
Just ten days after signing the contract, REPAY's dedicated team helped the school system begin processing outbound payments, sending over $50 million of electronic payments through REPAY. Since then, the school system has received $750,000 in annualized rebates and eliminated 8,000 paper checks. Additionally, the school system hasn't had to pay any implementation costs or ongoing support fees and has lowered its labor and check processing costs.
"REPAY had us up and running ten days after signing the contract. The first month's rebate was over $80,000, and we're on target to bring close to a million dollars back to the district for the year." - Florida School System Employee
REPAY's AP automation solution simplifies and optimizes vendor payment management. It easily integrates into your existing platform and supports virtual cards and ACH payments. The customizable interface brings simplicity and savings to vendor payments, eliminating manual data entry, enhancing operational efficiency and more. Explore the benefits of AP automation with REPAY today.