AP Efficiency

By on Jan 8, 2019 in Technology

Property managers can save time, reduce errors and decrease paper use with Yardi Bill Pay, an automated vendor payment solution.

Yardi Bill Pay, part of the Yardi Procure to Pay Suite, automates check writing, electronic payments and credit card processing for accounts payable (AP). Payments are issued and distributed, then recorded in the user’s Yardi Voyager database in real time. Yardi Bill Pay works seamlessly with approval workflows. Just click a button to authorize Yardi to make the payment on your behalf via ACH, check or credit card.

The solution pulls daily payments from the user’s database, creates and transmits files to the user’s banking network, then sends acknowledgement files back to Yardi Voyager.

Yardi Bill Pay users have always been able to process incoming payments for accounts receivable, and they can now manage that process and AP from one platform.

More than a passive routing system, Yardi Bill Pay can be an active revenue earner by turning AP in a revenue center with credit card payments. Clients have the option of obtaining single-use Mastercard®-branded virtual card numbers to make payments to their vendors. Yardi completes the entire paperless transaction through vendor payment.

Benefits of the credit card option include:

    • Earning a rebate percentage on every dollar spent through a credit card
    • Frictionless payment—you just process a payment in Yardi Voyager and the vendor sees the money in their bank a few days later
    • Yardi assistance with vendor outreach
    • Card acceptance driven through VENDORCafé , resulting in higher card acceptance rates than are possible through competing solutions

“With both buyers and suppliers looking for ways to increase efficiency and improve their bottom line, virtual card programs can unlock shared value that meets the needs of all parties.” Single-use account solutions combine “the benefits of a purchasing card, the functionality of a check and the efficiencies of ACH,” Kevin Morey, head of B2B supplier experience for J.P. Morgan Commercial Card, wrote in 2017.

Perhaps the biggest benefit is being able to see everything related to your daily in-and-out cash flow in one place. “Bill Pay provides our clients with flexibility for the management of their vendor and owner payments,” said John Pendergast, senior vice president of client services for Yardi. “The payment dashboard also alerts you to any payment issues for quick resolution.”

Join a free webinar to learn how the Yardi Procure to Pay drives efficiency by automating the entire AP process.