Yardi announced in a press release on Tuesday (Sept. 4) that its Yardi Payment Processing solution will now enable its corporate customers to pay vendors using a virtual card, with the services provided by Fifth Third. Property managers can pay suppliers with a Mastercard-branded virtual card issued by Fifth Third, Yardi explained, with Yardi handling the rest of the transaction.
The solution enables property management companies to avoid fees linked to ACH and check payments, while virtual cards provide payment security and transaction visibility. Suppliers can be paid more quickly than they would through other payment rails, Yardi noted, without having to offer early payment discounts.
The virtual card capabilities are integrated into Yardi’s existing Bill Pay tool, a component of Yardi Voyager. The platform allows users to capture and reconcile all transaction data.
“The virtual credit card option requires little or no retraining of a property manager’s accounts payable staff,” explained Yardi Vice President of Procure-to-Pay Akshai Rao in a statement. “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.”
The company noted that suppliers that want to accept payment via Yardi Bill Pay must be enrolled in Yardi Procure-to-Pay’s VENDORCafé solution. Suppliers are paid a per-transaction fee, the firm said.
“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, Fifth Third Bank senior vice president and director of wholesale payments, in another statement. “It also supports our strategic vision of forming relationships with innovative technology companies to further broaden and enhance our clients’ payment experience.”