Yardi, a FinTech company enabling property managers to make electronic B2B payments to their vendors, is expanding the functionality of its Yardi Bill Pay solution with Mastercard.
The companies announced in a press release Thursday (Sept. 12) that Yardi Bill Pay now supports Mastercard virtual card payments, allowing property managers to boost automation and efficiency of their vendor payment processes. The Yardi Bill Pay platform connects property managers to a single-use virtual card, issued by Mastercard, used for a specific transaction upon approval to mitigate the risk of fraud.
“Mastercard is committed to provide secure, efficient and paperless payments for the property management industry,” said Mastercard Senior Vice President, Business Development, U.S. Marie Aloisi in a statement. “The Yardi Bill Pay solution, powered by Mastercard's virtual cards, benefits suppliers by providing faster payments and reconciliation tools to ensure a seamless experience for all parties.”
The firms also noted that for property managers, virtual cards offer an alternative to per-transaction fees connected to ACH transactions, while also offering them the opportunity to obtain rebates on their purchases.
“Users need only [to] initiate a payment in Yardi Voyager and Yardi Bill Pay completes the entire paperless process,” explained Yardi Procure to Pay and Energy Vice President Akshai Rao in another statement. “Vendors can earn preferred supplier designation, reduce the need for credit checks and collection efforts, improve their cash flow and shorten their days sales outstanding.”
The integration of Mastercard virtual cards into Yardi Bill Pay was announced the same day Mastercard debuted its global B2B payment service, the Mastercard Track Business Payment Service, designed to promote operational efficiency, automation and speed in cross-border corporate payments. The service will launch in the first half of 2020, Mastercard said.
Last year, Yardi's Rao spoke with PYMNTS about the unique B2B challenges of the property management space, noting that these firms “have upwards of 3,000 to 5,000 vendors that they are working with at any given time” — with up to 95 percent of those suppliers sending four invoices or fewer to property management clients.