A vendor provides a product or service for a property management company. Then they get paid, the sooner the better. That’s the theory, at least. In practice the traditional process can be laborious for both sides of the ledger—vendors and property managers. Submitting paper invoices, securing approvals, cutting checks, stuffing and mailing envelopes, and taking payments to the bank breed opportunities for errors and delay. Yardi’s online vendor management solution, VENDORCafé®, speeds up the invoicing process for vendors while reducing printing, mailing and storage costs for property managers. “We’ve noticed a significant improvement in expediting our invoices through the system. It’s user friendly, and provides an easy transition from one task to the next. Thanks VENDORCafé!” says Shamrock Press and Graphics. Yardi has taken the lead in developing new technology for vendors that makes processing invoices and payments, uploading insurance certificates and accessing statements, much easier. VENDORCafé offers: Easy, secure, mobile-enabled uploading of invoices and statements Reduced costs through electronic invoice processing Automated transmission of compliance status, expiration alerts and other information This infographic takes a look at the step-by-step VENDORCafé process. For property managers, VENDORCafé is a single vendor management system of record that cuts risk in vendor onboarding, eliminates lost and duplicate invoices and integrates fully with their Yardi Voyager® property management and accounting platform. “VENDORCafé eliminated the frustration that our vendors and internal staff previously experienced.  Before, vendors would reach out to our staff to get updates on invoices. Now that vendors can follow their invoice online through the payment process, we have seen a visible increase in efficiency,” says Iris Esguerra, Yardi project manager and information technology business analyst for Grubb Properties, a developer in Charlotte, N.C. with commercial and residential holdings. She adds, “VENDORCafé gives our vendors confidence and...

The battle for territory in the mobile payments sector is heating up. The ability to pay at the cash register with just the smartphone is motivating other mobile armies to take a stand, especially after Apple Pay was launched with the iPhone 6 and iPhone 6 Plus. Apple Pay proved to be easy to use; the user simply needs to hold the iPhone near the contactless reader with the finger on the Touch ID and the Near Field Communication antenna in the Apple device will do the rest. Apple Pay is secure; the company uses a Secure Element chip that encrypts user data in such a way that is preventing the company and curious eyes from getting it. The only parties that see the transaction details are the banks, credit card companies and the merchants that are directly involved in the purchase. According to Apple, a unique device number is “assigned, encrypted and securely stored” to each phone instead of the actual credit card number. Moreover, each individual transaction features a one-time dynamic security code number, too. Even though Apple Pay is limited to the users who own iPhone 6 and iPhone 6 Plus models, mobile payments have been increasing – the Business Insider research shows that “payments made through Apple Pay accounted for between 0.1%-1.6% of transactions at five top retailers in the month following the launch of the feature.” The results might seem like a small fraction, but for a brand new platform in its first month, this is actually good progress. Joining in is Google who announced partnering with Softcard, a joint venture between Verizon Wireless, AT&T and T-Mobile, to expand the reach of Google Wallet mobile payment service. In accordance with the deal, Google acquired Softcard’s technology, and the US...

For managers, collections can be the most tedious part of the job. Skips, delinquencies, bounced checks, NSF alerts—there are few pleasantries surrounding the process. Fortunately, there are several tools in place to streamline collections, resulting in hands-free, automatic transactions. Say goodbye to the antiquated practice of depositing checks and say hello to the digital future of collections. Property managers have several options when selecting a check-free payment system, each with unique benefits and challenges. Many properties have the best success by offering a combination of payment options from which residents can choose. Rent from Payroll An NAA Education Conference and Exposition study suggests that rent from payroll can decrease delinquencies and rent-related evictions by 77 percent. For managers, withdrawing rent directly from payroll assures that rent funds won’t become discretionary income for renters. The process also minimizes human error and complications during the transaction. While those points may be enough motivation to explore this option, the benefits don’t stop there. For residents, rent from payroll can take the place of traditional credit qualifications. Some properties use rent from payroll in lieu of a cash deposit, which is appealing to many renters since cash can be tight during relocation periods. The downside is that some renters will not want to enroll. 65 percent of the time, rent from payroll holds 74 percent of the next month’s rent, reports Units Magazine. Not having access to those funds could be a deterrent for renters. Automated Clearing House (ACH) More than 22 billion ACH transactions are completed each year, making it one of the most popular options for electronic bill payments. As with rent from payroll, you’re still eliminating the human-to-payment interaction, decreasing the margin of human error and freeing up time for onsite staff. The greatest difference...