DULUTH, Ga., May 11, 2023 /PRNewswire/ — CINC Systems (“CINC”), the largest cloud-based software company serving the community association management industry, today announced the launch of VendorPay, the first fully integrated accounts payable (AP) solution in the industry that automates the vendor payment process. This new solution offered to CINC clients is powered by AvidXchange, a leading provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers.
CINC clients made more than 4 million payments in the last twelve months. With VendorPay, backed by AvidXchange’s proprietary AvidPay Network, community management companies can become more efficient by reducing expenses related to processing paper checks, including check fraud related costs, as well as minimizing other manual processes that lead to errors and slowdowns.
“Many vendors want to be paid electronically,” said Chris Millner, Chief Product Officer at CINC Systems. “That way they get their money faster.”
“This is also a win for CINC clients. On average, it costs several dollars to write and mail each check. VendorPay makes that cost go away, while significantly reducing the risk of check fraud. With VendorPay, when CINC clients simply choose ‘VendorPay’ instead of ‘Check,’ the new system takes over – sending an electronic payment if the vendor chose that method or mailing a check if they didn’t.”
“As a customer obsessed company, we are proud to back VendorPay with our AvidPay Network technology to help make CINC Systems customers’ payments process easier and more efficient,” said Brian Thayer, Vice President & Business Line Executive of Community Association Management and Real Estate at AvidXchange. “Now is the time for community managers to start identifying ways to improve efficiency in their back-office and source technology that will help them there so they can focus on the business shifts needed as a result of current macroeconomic pressures.”
With the launch of VendorPay, CINC System’s platform expands its automation capabilities for accounts payable, making it easier for customers to centralize accounting, banking, and community management in one platform.
“This partnership allows our customers to get all the benefits of AvidXchange’s industry-leading payment capabilities without ever having to leave CINC’s interface,” said Shea Dittrich, Chief Revenue Officer at CINC Systems.
For more information about CINC System’s VendorPay powered by AvidXchange, please visit http://cincsystems.com/vendorpay.
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About CINC Systems
CINC Systems is the largest provider of SaaS solutions for the community association industry. Founded in 2005, CINC Systems became the industry’s first Internet-based integrated accounting and property management system. CINC Systems is backed by founder Bill Blanton, a third-generation banker, and Spectrum Equity. The company serves more than 30,000 homeowners associations and 3 million homes. Learn more at www.cincsystems.com.
AvidXchange is a leading provider of accounts payable (“AP”) automation software and payment solutions for middle market businesses and their suppliers. AvidXchange’s Software-as-a-Service (“SaaS”) based, end-to-end software and payment platform digitizes and automates the AP workflows for 8,800 businesses and we have made payments to 965,000 supplier customers of our buyers over the past five years.
Additionally, AvidXchange, Inc. is a licensed money transmitter for US B2B payments, licensed as a Money Transmitter by the New York State Department of Financial Services, as well as all other states that require AvidXchange to have a license.
SOURCE CINC Systems