RealPage, which works in software and data analytics, has partnered with AvidXchange to offer Online Vendor Payments, according to a press release, which will help to digitize the payments process for customers in the real estate industry.
With the partnership, RealPage will incorporate the network of more than 680,000 suppliers from AvidXchange, the release stated.
The update, part of the company's RealPage Accounting and Financial Suite, will allow the automation of vendor payments throughout the process from procurement to purchase order, invoicing and payment. It will help to eliminate the need for paper checks and manual processes in general, which the release said hinder the speed at which payments can be completed.
The new addition will also work to lower risk and increase return on investment, with new visibility into the payments cycle, the release stated.
"The more suppliers move to electronic payments, the more customers can save the $3 to $7 average cost of processing a paper check while significantly reducing the risk of check fraud at the same time," said Sara Jones, RealPage senior vice president of spend management and accounting, according to the release. "Vendor Payments also allows suppliers to choose from virtual card, enhanced ACH or check options, which helps reduce payment processing time from 40 days to fewer than 10. And customers can rely on AvidXchange’s full-service payment team to work directly with vendors to maintain their payment data and verify their accepted payment types."
AvidXchange Chief Growth Officer Dan Drees said the idea is to help companies spend less time focused on payments and more time on other processes like property management.
"With RealPage Vendor Payments backed by the AvidPay Network, customers are gaining efficiency and visibility into cash flow so they can make timely, secure payments to suppliers without the need to mail paper checks," he said, according to the release.
Last September, RealPage entered into new credit facilities to help boost its borrowing facilities to $1.2 billion, PYMNTS reported.