B2B Payments

InventoryBase Adds B2B Payments Tool For Property Management

InventoryBase, a platform providing property inspection services to property management companies and letting agencies, is adding a B2B payments feature that lets property managers pay third parties that conduct property visits.

In a press release Thursday (June 13), InventoryBase announced the rollout of its InventoryBase Workstreams module, a workflow that enables users of the platform to outsource and pay for property visits from vendors also on the InventoryBase platform. Property managers submit a job to the platform to receive bids from potential vendors. Once a supplier is chosen, the job is conducted and the vendor provides their report.

The module enables property managers to pay their suppliers from directly within the platform. Third-party suppliers can integrate into the InventoryBase platform via API to connect their back-office systems, the company noted.

“Payments have always been a burden to the property services supplier industry, and InventoryBase aims to simplify how clients pay suppliers in a more speedy, secure and protected way,” InventoryBase said in a press release, adding that the B2B payments feature ensures both property manager and supplier are in agreement over a contract and payment.

“Technology in the payments industry is advanced enough to be able to provide a seamless transactional experience for all parties involved in property visits and work orders, and we’re excited to pave the way for seamless transactions in the coming peak season,” said InventoryBase managing director Steve Rad in a statement.

“Suppliers often operate at low margins to remain competitive in a growing industry, especially where recent changes are forcing clients to look at ways to cut costs,” he continued. “Providing a seamless, simple experience to purchase valuable and professional property reports is something we feel will be welcomed by all.”

Other FinTech and payments technology solutions in the property management sector have recently focused renter payments to managers, or to help renters finance their bills.

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