Now’s the Time to Ditch Paper Checks

With everyone working remotely, no one wants to head to the office to cut checks – or receive them.
By outsourcing your AP payments to Nexus, you can pay vendors electronically without losing control.

Plus, save hard and soft costs:

Reduce AP payments time by 50%
Reduce AP payments costs by 40%
Earn rebates

Just send the payments from your GL to Nexus to process your AP payments

Issue AP Payments in a Few Clicks

With NexusPayments, we’ll pay suppliers on your behalf. You retain 100% flexibility and control – deciding which suppliers get paid by us and which don’t.

Pay on your terms, too. Whenever you’re ready, simply generate a payment file in your property management system and submit it to Nexus.

Designated approvers – from your AP manager to your CFO – can then review/approve the transactions in NexusConnect. The platform will automatically pay your suppliers – in Nexus Virtual Card, ACH, or outsourced Nexus check.

On average, you’ll shave off 50% of your AP bill payments time and 40% of the cost (no printer ink, postage, envelopes, etc).

Nexus Gets Your Suppliers on Board Fast

Nexus will tap its large supplier community to find all your vendors who already accept Nexus Virtual Card. We’ll also reach out to the remainder and encourage them to accept this secure payment method that also generates rebates.

Any suppliers that can’t accept virtual card will be offered another type of e-payment, so you can stop cutting checks.

Thousands of suppliers across the US accept virtual cards through Nexus AP Payments.

Thousands of suppliers working for real estate companies use Nexus payments. Additionally, many of your vendors already accept Nexus Virtual Card and can accept it from you on Day 1.

Nexus AP payments has no set asides and doesn't hold your funds.

Forget Set Aside Accounts and Hidden Fees

Nexus processes payments immediately – and directly from your own bank accounts. There’s no holds nor interest charged before money is sent to vendors.

It's easy to change banks with Nexus AP payments

Add New Bank Accounts
Without Hassle

Just add your bank details in NexusConnect. We’ll verify the account has been set up correctly and is ready to cover approved payments.

Follow your AP payments online. See virtual card, ACH and check transactions.

Pay Any Supplier Invoice – Even if Processed Outside of Nexus

Use NexusPayments to pay any vendor invoice, even if a particular invoice wasn’t processed/approved through Nexus AP automation.

Reconcile Your AP Payments with Ease

Whether Nexus pays your suppliers with virtual card, ACH, or check, it’s simple to reconcile your bank statements. Just login to NexusConnect and match debit totals with debits on your bank account statements. Drill down to see individual transaction amounts. You can cross-reference with your GL.

If Nexus issues checks on your behalf, we’ll use the same check numbers that are in your GL. No cross-referencing or extra steps needed.

Just log in to NexusConnect and click the Bank History page.

  • Easily filter by Bank ID, Debit Type, or Status (A).
  • Match Debit Total (B) with debits on your bank account statement, drilling down to see individual transaction amounts (C).

Cross-reference transactions with your GL.

Lower Your Risk of Fraud

Nexus Virtual Cards offer exceptional fraud protection. They’re funded for a specific amount and cover a pre-designated transaction (or transactions). They also expire in 90 days. So, even if a virtual card were to fall into the wrong hands, it’s not likely to be misused.

Virtual cards made up only 3% of targeted payment fraud versus 74% of checks

*2020 AFP Payments Fraud & Control Survey – Companion Webinar.

Make AR Easier for Your Suppliers

Faster Payments

Nexus processes payments immediately. Electronic payments reach suppliers in just a few days.

Visibility into Payment Status

Suppliers can track payment status online 24/7 using the NexusConnect online portal.

Guaranteed Payments

Nexus virtual cards are backed by Visa. You’re covered in the rare event that the supplier is hacked and funds are stolen.

Improved Reconciliation

Suppliers get complete remittance details in each virtual card notification email. They can also see details in NexusConnect.

CASE STUDY

Shaving Payments Time From 12 Hours to 1 Hour Per Week

Tanger Factory Outlet Centers, Inc., one of the nation’s top outlet center developers and operators, had to cut 1,500 checks each month to pay all the vendors associated with its 38 outlet centers across 20 states. This was an enormous undertaking, especially for a lean 2.5-person AP team.

Read how Tanger:

  • Reduced its time to cut checks and reconcile payments from 12 hours a week to under an hour
  • Provided suppliers with easy tracking

Tanger Outlets turned to NexusPayments 

Tanger Outlets Shaved Their AP Payment Processing Time From 12 Hours to 1 Hour Per Week

AP Payments FAQ

There are many:

  • Lowers your payments costs – By automating your vendor payments with Nexus, AP payment costs often drop by 40% because you don’t have to pay for printers, 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 NexusConnect.
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Nexus will pay suppliers on your behalf using Nexus Virtual Card, ACH, or paper check. Virtual card is the fastest and most secure method of the three 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.

Yes. Suppliers will honor their buyers’ payments 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.”

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.

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 electronically, the more time and cost savings you’ll achieve (not to mention rebates you’ll earn).

No. You don’t have to spend any extra time reconciling NexusPayments. All payment information is available and easy to access in the NexusConnect platform.

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.

Nexus initiates payments to your suppliers as soon as you have approved them for disbursement. We don’t hold on to the funds, or put them in set-aside accounts.  Secure electronic payments are in suppliers’ hands in just a few days. Check payments are mailed the following business day.

Yes, both are far more secure than checks. Of the three, virtual cards are the most secure method.

Per the Association of Financial Professionals, in 2020 virtual cards made up only 3% of targeted payment fraud, while checks clocked in at 74%. The AFP also says 33% of financial professionals reported that their organization’s ACH payments were subject to fraud/fraud attempts.*

*2020 AFP Payments Fraud & Control Survey – Companion Webinar.

Yes. You can start with automated vendor payments 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.