EVERY USER IS UNIQUE, SO ARE VINCENT’S CAPABILITIES
Vincent’s payment solutions are specialized to benefit finance leaders at academic and health care institutions. But it’s not just the leaders that benefit. From research coordinators, to collegiate coaches, to dormitory RAs, to students traveling abroad – our capabilities help all.
PAYING TRIAL PARTICIPANTS
THE STATUS QUO: A medical school is conducting a six-month cholesterol study. After an initial in-person visit with the research coordinator, 25 participants complete weekly surveys from home for a small stipend. They are paid by checks in the mail, which take two to three weeks to arrive. Halfway through the study, many participants have dropped out, due to the delay in receiving payments and the hassle of cashing many small checks. The researchers consider increasing payments or requiring more in-person visits to ensure study quality, but both options would raise the cost of the study.
FEEDING HUNGRY ATHLETES
THE STATUS QUO: One weekend, a collegiate lacrosse team travels to an away meet. Though scheduled to end Saturday, heavy rain resulted in the finals being extended to Sunday. The full team traveled, including two athletic trainers—and all require additional per diem payments. The university’s finance department usually uses ACH transfers, but that isn’t available or timely on a Sunday, and the department is closed. The team manager decides to use his personal bank card and must visit three ATMs to furnish enough cash. He later fills out reimbursement forms in triplicate.
REIMBURSING RESIDENT ADVISORS
THE STATUS QUO: During fall orientation, resident assistants of freshman dormitories host social events, for which the university provides a modest budget. Nine RAs throw a group pizza party, and one RA pays the $600+ bill using his debit card. He submits the receipt, but since he’s unfamiliar with expense reports the Residence Life office has to call him back several times for clarification. He learns the check won’t arrive for several more weeks. Afraid he’ll overdraw his account, the RA asks Residence Life to advance him part of the reimbursement so he can buy textbooks. The first reimbursement check is canceled and rewritten for a lesser amount.