SANTA BARBARA, California, Sept. 4, 2018 /PRNewswire/ — Property managers can simplify their vendor payment process with Yardi® Bill Pay, an element of Yardi® Payment Processing that now enables secure transactions with Mastercard®-branded virtual credit cards issued by Fifth Third Bank.
With Yardi Bill Pay, Yardi clients may obtain single-use Mastercard virtual card numbers to make payments to their suppliers. Once enrolled in the virtual credit card program, a cardholder takes no further action, as Yardi completes the entire paperless transaction through supplier payment.
The Fifth Third virtual credit card option lets property management companies focus on their core duties while Yardi does the work of paying and updating vendors. Clients also gain spending controls and full visibility into spend while avoiding per-transaction fees associated with checks and ACH.
Supplier benefits include faster payments, the elimination of early-payment discounts, better visibility into invoice status and payment details, easy reconciliations and fewer transaction disputes.
Built into Yardi Voyager®, Yardi Bill Pay requires no interaction with other data sources. This integration enables the application of Yardi Voyager security features and workflows, ensures immediate recording of all payments and application to the correct accounts, and makes payment records instantly accessible to all authorized staff.
Vendors participating in Yardi Bill Pay must be enrolled in VENDORCafé®, a component of Yardi® Procure to Pay that is a one-stop-shop for vendor management, and agree to pay a per-transaction fee.
“The virtual credit card option requires little or no retraining of a property manager’s accounts payable staff. It also lets vendors focus on delivering goods and services rather than chasing down payments,” said Akshai Rao, vice president of Procure to Pay for Yardi. “Our clients and their suppliers can add tremendous value by merging Yardi Procure to Pay with Mastercard’s payment processing expertise and Fifth Third’s stature as a leading financial services provider for commercial real estate.”
“Expanding our virtual card program provides clients a seamless way to execute, view and reconcile their payables activity in one location, in addition to providing them enhanced security and improved cash flow,” said Bridgit Chayt, senior vice president and director of wholesale payments for Fifth Third Bank. “It also supports our strategic vision of forming relationships with innovative technology companies to further broaden and enhance our clients’ payment experience.”
Call 800-866-1144 for more information about Yardi Bill Pay and the virtual credit card program.
Add Comment