CINC Systems, the largest cloud-based software company serving the community association management industry, announced the launch of VendorPay, the first fully integrated accounts payable (AP) solution in the industry that automates the vendor payment process. This new solution offered to CINC clients is powered by AvidXchange, a leading provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers.
CINC clients made more than 4 million payments in the last twelve months. With VendorPay, backed by AvidXchange’s proprietary AvidPay Network, community management companies can become more efficient by reducing expenses related to processing paper checks, including check fraud related costs, as well as minimizing other manual processes that lead to errors and slowdowns.
Latest Fintech News: HappyMiner Cloud Mining Will Join the Cryptocurrency Market by Providing Passive income from Bitcoin Mining
“Many vendors want to be paid electronically,” said Chris Millner, Chief Product Officer at CINC Systems. “That way they get their money faster.”
“This is also a win for CINC clients. On average, it costs several dollars to write and mail each check. VendorPay makes that cost go away, while significantly reducing the risk of check fraud. With VendorPay, when CINC clients simply choose ‘VendorPay’ instead of ‘Check,’ the new system takes over – sending an electronic payment if the vendor chose that method or mailing a check if they didn’t.”
“As a customer obsessed company, we are proud to back VendorPay with our AvidPay Network technology to help make CINC Systems customers’ payments process easier and more efficient,” said Brian Thayer, Vice President & Business Line Executive of Community Association Management and Real Estate at AvidXchange. “Now is the time for community managers to start identifying ways to improve efficiency in their back-office and source technology that will help them there so they can focus on the business shifts needed as a result of current macroeconomic pressures.”
Latest Fintech News: Temenos Leads the Way in CBDC Innovation with R3
With the launch of VendorPay, CINC System’s platform expands its automation capabilities for accounts payable, making it easier for customers to centralize accounting, banking, and community management in one platform.
“This partnership allows our customers to get all the benefits of AvidXchange’s industry-leading payment capabilities without ever having to leave CINC’s interface,” said Shea Dittrich, Chief Revenue Officer at CINC Systems.
Latest Fintech News: OKX Partners with SignalPlus to Bring Advanced Options Trading Tools to its Users
[To share your insights with us, please write to sghosh@martechseries.com]
