Nexus, a leading provider of AP automation and payments for the real estate industry, has introduced a new payments data analytics engine meant to make electronic payments attractive to buyers as well as easy for suppliers to accept.
Jennifer Coolidge, president of Nexus, said, “Our analytics platform acts as an electronics payments matchmaker discovering all the possibilities for buyers and suppliers to participate in value-added, secure, and fast payments.”
Coolidge added, “Between our analytics capabilities and our supplier services team, we have a state-of-the-art process to get suppliers on board with the right electronic payment method that works for everybody.”
NexusPayments, a business-to-business payments automation service, use this data analytics engine to pay vendors on behalf of clients. The engine analyzes data – provided by the buyer – about whom the buyer pays each month, how much they pay, and how frequently. Nexus Supplier Services team can use this tool to identify current and future buying trends, but most importantly, it can personalize conversations about electronic payments with suppliers.
The Nexus Virtual Card is among the payment methods that are seeing growth in adoption as a result of the process. This card protects the vendor from fraud and makes the payment process more efficient than checks.
Additionally, the new analytics engine offers substantial benefits to buyers. The advantages of fast supplier onboarding include the ability to stop issuing in-house checks almost instantly, saving money on check stock, toner, and printers. Research has shown that changes like these can reduce payment management costs by 40 percent and reduce administrative time by 50 percent.
