If you’re new to Online Vendor Payments, this high-powered feature is one of those must-haves that causes new users to wonder how they ever got along without it.
For years, property managers have been enjoying ResMan’s Online Vendor Payments, an electronic Accounts Payable vendor management feature that automates the entire vendor payment process, including procurement, purchase order, invoice processing and disbursements.
Imagine our already robust core property management software platform … supercharged!
Our property managers are also enjoying the power of choice, with multiple Online Vendor Payment providers AvidPay and NexusPayments integrating with ResMan.
Wondering if it’s right for you? Take a scroll to discover all there is to love about this feature.
10 BENEFITS OF ONLINE VENDOR PAYMENTS
Full Visibility and Management of All Vendors
- Quickly see the status of every vendor invoice, no matter how many you have.
- All invoices are digitized by your provider. Then, with one-click approval/pay from your staff, the provider writes a check or direct deposits payment … and you’re done!
- Create a blend of payment types (digital and paper). Even those vendors who don’t choose direct deposit can be managed within the same system. And you have the option to choose your preferred payment method, including card, ACH or check.
- Grant visibility permissions and access as needed. Staff can see any vendor data they need to see in ResMan, while Accounts Payable staff can login to the vendor portal from within ResMan to manage payments.
- Eliminate frantic mailroom chaos and stress. No more overlooked invoices, misfiled information, or checks sent to the wrong address or sitting in a mailbox somewhere. Say good-bye to hours of opening mail, scanning and filing invoices, writing checks and licking stamps.
- Free up staff for more important tasks. You’ll only need one person to manage vendor payments. They’ll save time and you’ll save on office space requirements.
- Accounts Payable can be managed from home…or anywhere. Protect your staff while maintaining efficiency.
- Reduce the lifecycle of costs associated with paper payments. You’ll offset the cost of the service with time and cost savings in multiple areas. A Wall Street Journal article shows each paper check costs $4-10 to process. Aberdeen Research reports that “to process a paper invoice from receipt through accounting system entry costs $14.86.”
- Gain a competitive edge. Increased efficiency allows staff to spend more time managing properties, building relationships and growing occupancy.
- Simplifies billing and payment for interested vendors, too. Most vendors will love having their payments immediately accessible via direct deposit. To participate, they simply login to the vendor portal, input their bank information, upload or even generate their invoice from within the portal and start receiving payments electronically in a fraction of the time. Non-participating vendors will continue to invoice you and be paid via check, but the payment provider handles it all.
HOW ONLINE VENDOR PAYMENTS WORKS
Whether you choose AvidPay or NexusPayments, vendor invoices go to a new P.O. box or email address that is set up for you and managed by the provider you choose. They do all the processing: Open the invoice, digitize it, and submit a screen of payments due for your approval. Upon approval, they issue checks or digital payments on your behalf.
You’ll have a full record of every invoice and transaction, easily accessible within ResMan.
Are you already wondering how you’ve gotten along without automated online vendor payments all this time? Request a free demo.