FALLS CHURCH, Va., Sept. 21, 2021 /PRNewswire-PRWeb/ -- Three-years into the strategic partnership with Visa, Nexus, the leading automated payments company for real estate, has reached a new milestone: 170 percent growth in the number of suppliers that have chosen the Nexus Visa Virtual Card as their payment method instead of outsourced checks.
Furthermore, a large portion of suppliers have become "Nexus network acceptors" and chosen the Nexus Visa Virtual Card as their default payment method.
That high acceptance rate translates into significant benefits for suppliers because they aren't contacted every time a new buyer signs up for NexusPayments. And it benefits buyers too, because a new buyer can expect the majority of their spend will be paid using Nexus Visa Virtual Cards as soon as they launch NexusPayments software.
"We have truly penetrated the market of US suppliers who repair, maintain, or provide services to multifamily, commercial, and other real-estate companies," said Jennifer Coolidge, president of Nexus. "A vast array of suppliers that serve real estate already accept the Nexus Visa Virtual Card as their payment method and many more plan to do so soon because card payments are so fast and secure."
Nexus has found that its supplier customers who use the Nexus Visa Virtual Cards get paid, on average, five days faster than those who receive check payments.* Virtual card payments are also far less likely to be the target of fraud, representing only three percent of targeted payment fraud versus 66 percent for checks, per the 2021 AFP Payments Fraud & Control Survey.
Another significant benefit for suppliers accepting Nexus Visa Virtual Cards: they can easily track the status of every invoice and payment right within the NexusConnect self-service portal. With just a few clicks, they can see when their virtual cards are issued, which invoice (or invoices) they're tied to, and all the reconciliation details.
"Real estate is a market that is ripe for digitization of B2B payments," said Veronica Fernandez, U.S. Market Head, Visa Business Solutions. "Our collaboration with Nexus is helping suppliers quickly discover benefits of Visa virtual commercial cards to help them streamline cashflow and move away from manual, costly check payments."
One of the key drivers for the Nexus Visa Virtual Card's high acceptance rate is Nexus's sophisticated data analytics engine that identifies suppliers most likely to accept Nexus Visa Virtual Card. With these insights, the Nexus supplier services team can reach out to suppliers and personalize their conversations about switching from manual check payments to secure digital-card payments.
Nexus's analytics show that a wide range of supplier types almost always accept Nexus Visa Virtual Card. These include:
- Flooring - Carpet/Hardwood
- Hardware/Materials Suppliers
- Landscape Design/Care
- Marketing Services
- Pest Control
- Plumber/HVAC/Appliances
- Security Services
- Software/Technical Services
"Based on our data and experience, we know that a significant portion of our transactions are a good fit for virtual commercial cards. We expect many more supplier segments will adopt the Nexus Visa Virtual Card, including the large population of SMBs in our network," Coolidge said.
*According to Nexus internal data
About Nexus
Nexus provides the fastest way for real estate companies to ditch paper checks and send secure payments to their suppliers. With its roots in AP automation, the 21-year-old software company has built the largest validated community of suppliers serving multifamily, CRE, and other real estate segments. Using just clicks, real estate companies can connect to their suppliers and send them payment.
Media Contact
Patrick Foarde, Nexus, +1 (703) 524-9101, [email protected]
SOURCE Nexus
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