SANTA BARBARA, California, Sept. 4, 2018 /CNW/ -- Property managers can simplify their vendor payment process with Yardi® Bill Pay, an element of Yardi® Payment Processing that now enables secure transactions with Mastercard®-branded virtual credit cards issued by Fifth Third Bank.
With Yardi Bill Pay, Yardi clients may obtain single-use Mastercard virtual card numbers to make payments to their suppliers. Once enrolled in the virtual credit card program, a cardholder takes no further action, as Yardi completes the entire paperless transaction through supplier payment.
The Fifth Third virtual credit card option lets property management companies focus on their core duties while Yardi does the work of paying and updating vendors. Clients also gain spending controls and full visibility into spend while avoiding per-transaction fees associated with checks and ACH.
Supplier benefits include faster payments, the elimination of early-payment discounts, better visibility into invoice status and payment details, easy reconciliations and fewer transaction disputes.
Built into Yardi Voyager®, Yardi Bill Pay requires no interaction with other data sources. This integration enables the application of Yardi Voyager security features and workflows, ensures immediate recording of all payments and application to the correct accounts, and makes payment records instantly accessible to all authorized staff.
Vendors participating in Yardi Bill Pay must be enrolled in VENDORCafé®, a component of Yardi® Procure to Pay that is a one-stop-shop for vendor management, and agree to pay a per-transaction fee.
"The virtual credit card option requires little or no retraining of a property manager's accounts payable staff. It also lets vendors focus on delivering goods and services rather than chasing down payments," said Akshai Rao, vice president of Procure to Pay for Yardi. "Our clients and their suppliers can add tremendous value by merging Yardi Procure to Pay with Mastercard's payment processing expertise and Fifth Third's stature as a leading financial services provider for commercial real estate."
"Expanding our virtual card program provides clients a seamless way to execute, view and reconcile their payables activity in one location, in addition to providing them enhanced security and improved cash flow," said Bridgit Chayt, senior vice president and director of wholesale payments for Fifth Third Bank. "It also supports our strategic vision of forming relationships with innovative technology companies to further broaden and enhance our clients' payment experience."
Call 800-866-1144 for more information about Yardi Bill Pay and the virtual credit card program.
About Fifth Third
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati. As of June 30, 2018, the company had $141 billion in assets and operated 1,158 full-service banking centers and 2,458 ATMs with Fifth Third branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. In total, Fifth Third provides its customers with access to approximately 54,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of June 30, 2018, had $368 billion in assets under care, of which it managed $37 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Investor information and press releases can be viewed at 53.com. Fifth Third's common stock is traded on the Nasdaq® Global Select Market under the symbol "FITB." Fifth Third Bank was established in 1858. Deposit and credit products are offered by Fifth Third Bank. Member FDIC.
Yardi® develops and supports industry-leading investment and property management software for all types and sizes of real estate companies. Established in 1984, Yardi is based in Santa Barbara, Calif., and serves clients worldwide. For more information on how Yardi is Energized for Tomorrow, visit yardi.com.
For further information: Leah Etling, Yardi Systems Inc., 800-866-1144 x1207, [email protected], https://www.yardi.com