AvidXchange and Rent Manager have partnered since 2014 to help real estate organizations improve control and increase efficiency within their accounts payable department.
Manually managing payments for all your suppliers is complex, time-consuming and sometimes risky. But with AvidPay for Rent Manager, there’s a better solution: our no-cost, embedded API integration with Rent Manager.
To give you deeper insights into the solution, we’ve prepared this list of frequently asked questions (FAQs) and answers.
These FAQs will cover what the solution is, why it’s important, and how it works. We also dive into more specifics about how you can take advantage of No-Cost AvidPay.
No-Cost AvidPay & Rent Manager FAQs
What is No-Cost AvidPay for Rent Manager users?
For over eight years, AvidXchange and Rent Manager have been working together to bring users the best accounts payable (AP) automation solution, and No-Cost AvidPay emerged as the next step in the evolution of our partnership.
No-Cost AvidPay is an automated payments solution embedded within Rent Manager that allows users to streamline their payment process without leaving the Rent Manager ecosystem – for no cost.
Together, No-Cost AvidPay and Rent Manager help you eliminate risky and inefficient payment processes and more easily and quickly pay bills at no cost to you. And you don’t have to worry about paperwork, stamps or dropping off payments at your post office.
Why was No-Cost AvidPay for Rent Manager users created?
We understand shifting to a new payment method is a big decision. AvidXchange and Rent Manager want to make it easier for your business to implement payment automation. That is why we’re taking the cost part of your decision out of the equation.
Working together, we process your payments at no cost to you. This way, you won’t have to pay to speed up your payment process, can minimize manual work, and you’ll be able to focus on more strategic financial projects.
How does No-Cost AvidPay work within Rent Manager?
We’ve had the same integration with Rent Manager for more than eight years – but we made a couple updates. Once your business has implemented No-Cost AvidPay, you’ll enter the bills like you do now. When you click on the “pay bills” to make the payment, you will now have an option called AvidPay.
Within that single-screen dashboard, you can also see the status of your payments. This means you don’t have to spend extra time switching in and out of several different software programs.
We also changed how we bill users of this solution. We waive fees for companies that process at least 50% of their payments through AvidXchange.
How long will it take to set up this no-cost offering?
Typically, average set-up times take between 20 and 25 days. If needed, you can use up to 60 days to go live using No-Cost AvidPay and still receive it at no cost.
How much money can a real estate company save using No-Cost AvidPay?
This depends on how many payments you process. On average, we estimate real estate companies can save between $4,000-$6,000 on payment processing each year.
How many payments per month should a real estate company make for this to deliver significant benefits?
At least 50 payments per month will deliver the most benefits. But there isn’t a payment threshold to process your payments using No-Cost AvidPay.
What does a real estate company have to do to receive AvidPay for no cost?
Your company will need to process at least 50% of its payments using No-Cost AvidPay. For example, if you process 100 payments each month, you’ll need to process 50 using AvidPay to receive the no-cost benefit.
How is No-Cost AvidPay different from other automated payment solutions?
Often when you automate, your business pays a specific amount per payment transaction or a monthly fee. Like the name states, there are no fees as long as you’re processing at least 50% of your payments through AvidXchange.
What are the other benefits to using No-Cost AvidPay for Rent Manager?
On top of cost savings, you’ll gain benefits including time reduction. Capitalizing on the embedded integration, for instance, it can take you less than a minute to transfer thousands of payments from Rent Manager to AvidPay.
And Dawn Fortner, a finance pro with property management company, Denizen Management, says you can transfer your bills from AvidPay into Rent Manager in “literally five seconds.”
How many customers using Rent Manager are taking advantage of the AP integration with AvidXchange?
More than 450.