Jan. 9, 2019
Payment processor Noventis Inc. is partnering with Nexus, a specialist in accounts payable automation, to expand virtual payment cards to suppliers serving the real estate industry, according to a press release.
Noventis' proprietary platform converts check payments into virtual credit card payments, thus allowing a firm to make payments to various suppliers which are normally not set up to receive these type of payments, according to the company.
Company officials explained that if a property manager received maintenance payments in a check form, the technology would allow the conversion of those payments into virtual card payments that can be quickly turned around to make payments to suppliers, like a contractor or utility company.
"So in other words, the property manager is able to convert property maintenance payments [including residential, office or retail] into virtual card payments for quicker payment to their suppliers," said Jennifer Coolidge, founder and president of Nexus, in an email.
Just last month, Nexus entered a strategic alliance with U.S. Bank to automate the accounts payable process for real estate firms.
Topics: Bill Payment, Mobile Payments, Software, Technology Providers
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