Real estate software provider Yardi has partnered with Fifth Third Bank and Mastercard to provide a new payment option for its property managers and their vendors.
As part of the alliance, Fifth Third Bank will issue Mastercard virtual credit card for Yardi clients. The clients will be able to use the cards to carry out transactions on Yardi Bill Pay, an accounts payable feature.
Cardholders will get single-use Mastercard virtual card numbers to make secure payments to their suppliers. Yardi will be responsible for the complete paperless transaction via supplier payment.
Yardi said that the Mastercard virtual card will provide clients with control and visibility into their spending. This new payment option also avoids the transaction fees that come with use of checks and ACH.
Meanwhile, suppliers are expected to benefit through fast payments, elimination of early-payment discounts, besides gaining improved visibility on invoice status and transaction details.
Yardi Bill Pay enables instant recording of payments, thereby providing immediate access to associated records to all authorised staff.
Yardi vice-president of Procure to Pay Akshai Rao said: “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.”
Fifth Third Bank senior vice-president and director of wholesale payments Bridgit Chayt said: “Expanding our virtual card programme 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.”