Nexus Debuts Enhanced Platform For Supplier Payments

To let real estate firms get started with automated payments in an expedient manner, real estate-focused accounts payable (AP) technology provider Nexus has rolled out a bolstered payments infrastructure. The technology lets buyers put digital and automated payments into place within a month or sooner, according to a Monday (Sept. 14) announcement.

“Companies are looking to automate their payments processes as fast as possible and eliminate trips into the office,” Nexus President Jennifer Coolidge said in the announcement. “Our new payments platform does just that, while offering connected and validated suppliers an easy way to sign up for, receive, track and reconcile their electronic payments.”

The new NexusPayments technology digitizes the connection spanning from buyers to collections of suppliers, which allows them to quickly agree to electronic payments and use a portal to digitally monitor them. NexusPayments comprises a portion of the Nexus procure-to-pay software technology that connects with leading general ledgers.

Users can create a file containing bills from their general ledgers that require payment and transmit the file to NexusConnect.

To provide payments to their suppliers, purchasers can choose from automated clearing house (ACH), virtual cards and/or checks. They can see and supervise the transactions scheduled for payment in NexusConnect, while accepting or rejecting the transactions “within preconfigured approval thresholds,” per the announcement.

Purchasers can also see when the funds are taken from their bank accounts — almost instantaneously. They can also easily add and supervise the bank accounts that NexusPayments harnesses for supplier payments.

Suppliers, for their part, are checked with live security and identity verification when they sign up for Nexus ePayments.

In December, Nexus was growing its collaboration with MRI Software to bring supplier payment features into the real estate offerings of MRI. At the time, Nexus unveiled intentions to link MRI Software clients to AP features, letting users make supplier payments through ACH, check or Nexus Virtual Card while handling tailored payment terms.