73% of Suppliers Plan to Use Electronic Portals for Invoice Delivery in the Next Few Months
Suppliers serving the real estate industry indicated they're likely to submit more invoices through electronic portals in the upcoming months, highlighting the need for AP automation providers to offer intuitive and turnkey supplier portals. (Source: Nexus)
FALLS CHURCH, Va., Aug. 25, 2020 /PRNewswire-PRWeb/ -- Over the next few months, roughly 73% of suppliers who serve the real estate market plan to step up their usage of electronic portals to submit their customer invoices, according to a new survey by Nexus, the leading AP automation company for real estate.
About half of the 567 suppliers who responded to the Nexus survey said they had concerns about postal delivery speed, a topic that has been in the news lately.
"Whether it's concerns about mail float, or trying to avoid digging through long email chains, more and more suppliers are using electronic portals to expedite invoice delivery so they can get paid faster," said Nexus Director of Supplier Solutions Shalisa Hills. "So, it's really important your AP automation provider has a robust electronic portal for their suppliers to submit invoices."
Indeed, since COVID-19 hit in March, and it was no longer business as usual, Nexus saw a 116% increase in invoice submission via its NexusConnect online supplier portal in Q2, compared to Q2 of 2019.
And based on data from the new Nexus survey, that uptick will likely continue, with only 27.4% of suppliers saying their usage will stay the same over the next few months.
"Electronic portals like NexusConnect can take the pain out of invoice submission, guarantee invoice delivery, and provide suppliers with peace of mind," said Hills. "That's something that mail and not even email can offer in today's uncertain environment."
With the NexusConnect supplier portal, approved suppliers can upload and submit their invoices directly to their customers' NexusPayables solution and add information that the client needs to process the invoices. They can also track invoice progress online – from submitted to paid.
Per the survey, many of these suppliers already use NexusConnect – and other electronic portals – to submit a substantial number of their invoices.
The NexusConnect portal is part of Nexus's AP automation platform that helps real estate companies process high volumes of invoices, compare them to budget, route them to approvers, and then submit them for payment. They can also authorize Nexus to pay their suppliers electronically with virtual card, ACH, or check. Once these companies' suppliers use NexusConnect to submit invoices, these same suppliers often start accepting e-payments as well – since they can easily opt into the program right from the same portal. Furthermore, they appreciate that they can track invoices and payments all in the same place.
One in five of the world's largest real estate companies use the Nexus AP automation platform to automate accounts payable and control their spend.
About Nexus
With Nexus Procure-to-Pay software, real estate companies can manage every aspect of the accounts payable process – from purchase through payments – with just a few clicks. The web-based platform automates manual AP tasks and provides complete visibility into suppliers, budgets, and spend. No more paper, wasted time, nor guesswork. Nexus makes it easy to maintain and expand the supplier relationships at the heart of the real estate business. Visit http://www.Nexussystems.com.
SOURCE Nexus
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