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 Systems launches VendorPay, the first
fully integrated accounts payable solution for association
management.
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.
Resources
- Learn more about CINC Systems here
- Connect with us on social: LinkedIn, Twitter, and Facebook
- Meet the CINC Systems leadership team here
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.
About AvidXchange®
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.
To learn more about how AvidXchange, and its publicly traded
parent AvidXchange Holdings, Inc. (Nasdaq: AVDX), are transforming
the way companies pay their bills,
visit www.AvidXchange.com.
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SOURCE CINC Systems