Suppliers Want to Use Online Portals, Especially Since COVID-19 Hit
Given the convenience, it’s no surprise that suppliers want to use NexusConnect. Nexus data shows a 116% increase in invoice submission via the NexusConnect electronic invoice portal in Q2 of 2020 – right as everyone was beginning to work from home – compared to Q2 of 2019. Plus, in a recent Nexus survey, 73% of suppliers said they plan to increase their portal usage for invoice delivery in the next few months.
Once they’ve submitted their invoices and attachments, suppliers can track invoice status to make sure everything stays on track. They won’t need to call or email your team – or drop by one of your properties – to see this information.
Portals Help You as the Buyer, Too
NexusPayables clients, often considered “buyers”, stand to benefit from the online NexusConnect portal too because it lets you receive all your invoices electronically – and to the right place. Plus, when invoices contain secondary documentation – like a checklist or warranty details – you receive everything packaged nicely together, all at once.
Plus, every invoice reviewer down the line will have the information they need at their fingertips when deciding whether to approve or reject the invoice.
This ultimately helps you make better decisions about your AP, eliminate surprises at month-end, and build relationships with suppliers, who are at the heart of your business.
Decide Which Suppliers Can Transact with You Through the Electronic Invoice Portal, and How
You are also in control of who can send you invoices. Upon signing up for NexusConnect, Nexus automatically vets suppliers with embedded security protocols, including an OFAC check. Then, suppliers must send you a connection request before they can transact with you. You’ll have the option to approve or decline the supplier – and will get pinged in NexusPayables when it’s time to do so.
Should you add on additional Nexus functionality, such as electronic purchase orders, insurance validation, or electronic payments, you can activate these with your approved suppliers in NexusConnect. For example, if you begin offering virtual card payments through NexusPayments, your connected suppliers can opt into this payment method right within the portal. They’ll also be able to view all their virtual card details and remittance information there as well.
New Suppliers? No Problem!
The Nexus platform is always working to intelligently match buyers like you to their suppliers, automatically suggesting any new business connections it finds. This helps buyers and suppliers alike to expand the opportunity for electronic transactions, whenever and wherever possible.
So, the time, money, and labor you save today by digitizing your transactions with suppliers is amplified over time.
Electronic Invoice Portals Are Pertinent Today, and Beyond
In times like these, when both efficiency and visibility is required for business continuity, NexusConnect is a must-have AP tool for real estate companies and their suppliers.