Data Analytics Engine Helps Accelerate Adoption of Electronic Payments
Nexus, the Leader in AP Automation and Payments for the Real Estate Industry, Has Launched a New Payments Analytics Engine.
Nexus, the leader in AP automation and payments for the real estate industry, has introduced a new payments data analytics engine that is designed to make electronic payments – such as virtual cards and ACH – more profitable to buyers and more accessible to their suppliers.
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The data engine uses 20 years of Nexus’s AP automation data, artificial intelligence, and long-time experience working with real estate suppliers to determine which vendors/suppliers are most likely to switch their payment method from costly and time-consuming manual paper checks to electronic methods. The engine also functions as a recommendation platform, helping buyers and their suppliers find each other and transact securely through the Nexus AP automation and payments software.
“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,” said Jennifer Coolidge, president of Nexus.
The data analytics engine is used with NexusPayments, a B2B payments automation service, in which Nexus pays vendors on their customers behalf. The engine analyzes data – that the buyer provides – about whom the buyer pays each month, how much they pay, and how often. It can predict current and future buying trends, but most importantly, it enables the Nexus Supplier Services team to personalize their conversations with suppliers about electronic payments adoption.
“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,” Coolidge added.
The process is driving growth in adoption of all payment methods, including the Nexus Virtual Card. Vendors like the card because it protects their payments from fraud and is faster than check.
The new analytics engine also provides substantial benefits to buyers. Because of fast supplier onboarding, buyers can stop issuing in-house checks almost immediately, saving them money on check stock, toner, printers, and postage. According to market research, these changes can translate into a 40 percent reduction in the cost of managing payments and a 50 percent time savings.
“We often get buyers launched with our NexusPayments software in as little as two weeks,” Coolidge said. “On day one, the majority of their eligible suppliers can receive electronic Nexus payment for their next invoice, while the remaining suppliers get onboard shortly thereafter.” Coolidge said.
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