Automated Multifamily Vendor Payment Processing is Saving Time, Money and Headaches

Automated multifamily vendor payment processing is rapidly turning into a significant source of cost and labor savings for PMCs. Sweeping trends and advances in software—including accounting—are pointing the way to a faster, easier, more cost-effective and less risky future for PMCs. In a recent webcast entitled Easy Does It: RealPage® Vendor Payments, Dan Newbern, Vice President of the RealPage Financial Suite and Brandon Patrick, RealPage Senior Sales Engineer discussed the benefits of the company’s fully-automated electronic vendor payment system. The webcast title says it all—it’s about “easy.” According to Brandon Patrick, “The key thing that we want to do here is make it easier for your teams to remit payment. RealPage Vendor Payments is a fantastic solution to simplifying your business process and significantly lowering your costs in processing payables.” RealPage Vendor Payments enables owners and operators to manage the complete payment lifecycle easily—and reduce the cycle time by 66%, from one month to 10 days. The solution, powered by AvidXchange™, integrates seamlessly with the RealPage Accounting and Financial Suite to automate workflow and improve productivity. Chucking those checks The first big benefit: eliminating the cost of payments via paper check. Over the last 10 years, check usage has been trending downward for both B2B and consumer payments. One reason is the cost of issuing, printing and mailing checks, which averages $3 to $7 per check. Second, fraudulent checks are the easiest and leading way for fraud to be committed against your AP. Paying directly via electronic payment helps prevent this from happening, protecting both you and your vendors. And finally, there's the substantial time it takes to process checks, including time spent in accounting and issuing, moving through the mail and in the hands of vendors prior to cashing. Says Dan Newbern, “Payin...