RALEIGH, N.C., July 20, 2015 /PRNewswire/ -- PayBack, the leader in procure-through-pay financing and enablement and North Carolina Independent Colleges and Universities, NCICU, announced today that PayBack's Procure-Through-Pay For A Greater Purpose™ program for Higher Education has been endorsed by NCICU as part of its Collaboration Initiative for its 36 colleges and universities. After working closely with NCICU in the development of the program, PayBack's Higher Education program is now available to all 36 NCICU campuses. Institutions using PayBack's programs are projected to achieve savings of more than 10% of annual spend through purchase price and funded early pay discounts, returning up to a million dollars a year to a university.
"PayBack's program offers colleges and universities access to competitively negotiated discounts, early pay and special term financing, and more streamlined procurement and payment processes. The result is improved cash flow and substantial savings for participating NCICU institutions," said NCICU President, Hope Williams.
"We're excited to join NCICU's Collaboration Initiative and to offer our innovative procure-through-pay programs to NCICU institutions," said Bob Wood, Managing Partner of Payback. "Our programs ensure our clients receive the best negotiated purchase prices, receive maximum funded early payment discount sharing, enjoy extended payment terms and experience lower processing and reconciliation costs, with all costs of the program funded from payment discounts suppliers already pay. We are passionate about bridging the 'last mile' of procure-through-pay excellence and helping our clients save time and money."
NCICU is the statewide office for North Carolina's 36 independent, nonprofit institutions of higher education. Formed in 1969, NCICU develops scholarship support, engages in state and federal policy work, and partners with the state's other education sectors. NCICU develops research and information, supports staff development, and coordinates collaboration among NCICU institutions. Those institutions generate over $14.2 billion a year for the state's economy. NCICU institutions employ over 66,000 people and together represent the state's largest private employer. For more information, visit www.ncicu.org.
PayBack delivers innovative procure-through-pay financing and enablement programs that ensure university buyers receive the best negotiated prices, maximum early payment discount sharing, extended payment terms, and lower software processing and reconciliation costs while creating a powerful sales channel for suppliers that carries lower marketing, selling and transactions costs. PayBack places a premium on the relationship between our buyers and suppliers, offering a unique opportunity to maximize value through the utilization of existing discount contracts and funded early-pay discounts. Finally, PayBack's data analytics provide 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 results in achieving the greater purpose of providing resources to the greater benefit of their campus, constituents and community. For more information, visit www.payback123.com.
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