Nexus Systems

– Nexus, a leader in AP automation and payments for the real estate industry, has pioneered a new payments solution in partnership with WePay, the integrated payments business of JPMorgan Chase & Co., to allow SMBs to accept payment through a virtual card to simplify their payment process and improve working capital. The newly developed payments solution, called NexusDirect powered by Chase, allows sole proprietors and small business suppliers – such as those in lawn care, pest management, marketing services, facility management, and others – to get payments directly into their bank accounts using a single-use virtual card. “NexusDirect is a very practical solution for small suppliers who don’t have a dedicated AR employee or the time to process virtual cards,” Coolidge said. While NexusDirect is a critical step forward for many suppliers, the solution also has benefits for buyers or Nexus customers who use the Nexus AP automation and payments platform to pay their hundreds or thousands of suppliers each month.

The reseller and referral program is designed for companies that work with multifamily, CRE, student housing, senior living, mixed-use, retail, storage, and construction firms across the United States. We made our new partnership program very flexible to allow a cross-section of experts to promote Nexus and benefit from their association with a real-estate focused AP automation and payments software,” said Jenn Taylor, Chief Customer Officer. From one platform, AP teams and authorized users can: * Electronically receive, process, approve, and pay invoices – with complete audit logs and tracking * Pay suppliers electronically and provide them with full visibility into the payment life-cycle Nexus software is used by 1 in 5 of the top real estate companies. With Nexus Procure-to-Pay software, real estate companies can manage every aspect of the accounts payable process – from purchase to payments – with just a few clicks.

One of the main questions real estate companies ask before outsourcing their AP payments is will their suppliers be open to accepting new forms of payment, in lieu of a paper check? Or, more specifically, will their suppliers agree to accept a virtual card – which is similar to a credit card, but it’s sent electronically and is only for payment of a pre-designated transaction or transactions. After working with hundreds of clients, and processing billions of dollars, Nexus has data showing that many suppliers are indeed eager to receive payment with a virtual card. We also collected data about which supplier industries are most likely to accept virtual cards, as well as how acceptance rates are changing – and growing fast.

Sending employees out to buy supplies with their credit cards has always been a risky proposition, because no finance teams wants to deal with last-minute, surprise expenditures at the end of the month. Many real estate companies addressed these threats by adding online supplier catalogs directly to their AP platforms, so they could easily shop (using pre-negotiated rates), create purchase orders, and get them approved all in the same place, without ever stepping foot in a store. While there’s no post-pandemic crystal ball that shows just how everything pans out, these electronic behaviors that have picked up speed are sure to produce tangible benefits for both buyers and their suppliers well into 2021. Learn more about these Covid-induced shifts in the purchase-through-payment process in Nexus’s 2020 supplier surveys and observations report.