While we’ve heard of some rare instances of suppliers raising rates, we know it’s not a widespread practice. Most simply consider any virtual card fees they incur as a normal cost of doing business. Some Nexus customers even make electronic payments – Nexus Virtual Card and ACH – mandatory for their suppliers.
Upgrade to Electronic Payments Easily
Use Nexus’s electronic payments solution to pay your suppliers fast, easily, and without friction.
Go electronic overnight
Once you sign up for NexusPayments, Nexus will identify all your suppliers who can be paid electronically, either via:
- Nexus Virtual Card (a one-time use card)
- Premium ACH (an ACH transaction)
We’ll review the findings with you and start paying your suppliers in the payment method that works best. You’ll be up and running quickly.
Nexus will reach out to suppliers who haven’t already signed up for an electronic payment method and encourage them to switch to one.
I love that everything is taken care of with the click of a button. NexusPayments saves my colleagues time. It saves my company money. And we earn rebates to boot. So, it’s a win-win-win.
Tom Guerrieri | Vice President, Chief Accounting Officer and Controller | Tanger Factory Outlet Centers Inc.
75%
reduction in time communicating with vendors
Virtually eliminate the "When can I expect payment?" or "Did you receive my invoice?" calls because vendors can get answers 24/7 in the NexusConnect online portal.
50%
reduction in time spent issuing payments
Forget running around cutting checks and getting them signed. Centralize all approvals in the Nexus electronic payments solution and manage everything with clicks.
40%
reduction in cost of processing payments
Cut back on printing, postage, and check stock needed to send checks in-house. Nexus will pay vendors with secure virtual cards, Premium ACH, or outsourced checks.
Gain more control over the payment process
No paper checks that get lost in the mail. With Nexus’s electronic payments solution, all payments are visible 24/7. Once you say go, Nexus issues payments in Nexus Virtual Card, NexusDirect, Premium ACH, or outsourced check.
Pay suppliers with the widely accepted Nexus Virtual Card
Nexus has a large community of real-estate-related suppliers who have already made Nexus Virtual Card their default payment method. They are all set to accept virtual cards from you, as soon as you launch NexusPayments (in as little as two weeks).
Plus, Nexus will contact any remaining suppliers to interest them in switching from check payments to Nexus Virtual Card. If card payments don’t work, Nexus can pay vendors in Premium ACH or outsourced checks through NexusPayments.
Track all payments online
Both you and your suppliers can use the NexusConnect portal to view:
- Current and historical payments
- Payments for a particular timeframe
- Invoice(s) associated with each payment
Nexus electronic payments FAQ
What are the benefits of automating my supplier/vendor payments?
There are many:
- Lowers your payment costs – By automating your vendor payments with Nexus, AP payment costs often drop by 40% because you don’t have to pay for printing, postage, ink, and many other expenses associated with getting checks out the door.
- Saves time – Nexus customers report they shaved off 50% of their time over manual payment processing because documentation and approvals are centralized and online – and any action only requires a few clicks to complete.
- Increases security – Electronic payments, such as Nexus Virtual Card and ACH, are far more secure than checks (see below).
- Increases visibility for both you and your suppliers – Payment status is visible online 24/7 in the self-service portal, NexusConnect
How does Nexus pay suppliers/vendors?
Nexus will pay suppliers on your behalf using Nexus Virtual Card, NexusDirect, ACH, or outsourced checks. Virtual card and NexusDirect are the fastest of all the options and can generate rebates that can cover licensing fees. Nexus processes the payments immediately; it doesn’t use a sweep account to centralize the funds.
Will my suppliers accept automated electronic payments, like Nexus Virtual Cards and NexusDirect?
Yes. Suppliers will honor their buyers’ payment preferences. They don’t want to lose your business, and many prefer electronic because they’ll get paid faster than checks. Moreover, suppliers trust Nexus. They can see all their payments online with NexusConnect. And whenever they need support, Nexus has a team ready to help. Per Patrick Lambert, Owner of Haul Gone LLC, “[Nexus] customer service is Top Notch. [They’ve been] instrumental in helping us during initial set up and have been a great source of knowledge with our occasional queries. We are happy with NexusConnect and give them a 5 Star rating.”
Will suppliers increase the rates they charge me if they accept Nexus Virtual Card or NexusDirect as a payment method?
Do I have to automate all my supplier/vendor payments with the Nexus electronic payments solution?
No. You can choose whom you pay electronically. For example, if you have a vendor that likes to stop at the boss’s office to chit-chat and receive their check, you can still do so. You choose whom you pay through Nexus and whom you pay in-house. But keep in mind, the more suppliers you pay through your Nexus electronic payments solution, the more time and cost savings you’ll achieve (not to mention the rebates you’ll earn).
What visibility into payments – and their details – will my suppliers/vendors have?
Nexus has an industry-leading self-service portal, NexusConnect, where suppliers can easily check both invoice and payment details – at no cost. Nexus customers report that calls and emails from suppliers decrease by about 75%, thanks to all the information available in the self-service portal.
How quickly will my suppliers/vendors get paid with the Nexus electronic payments solution?
Nexus initiates payments to your suppliers as soon as you have approved them for disbursement. We don’t put them in set-aside accounts or charge interest. Secure electronic payments are in suppliers’ hands in just a few days. Check payments are mailed the following business day.
Can I automate just my supplier/vendor payments, without automating invoice processing too?
Yes. You can start with the Nexus electronic payments solution only. However, there’s a lot more functionality when you automate payments and invoices together, such as the ability to see the full invoice that you paid or are about to pay.
