Backed by AvidXchange’s proprietary AvidPay Network, CINC Systems launched VendorPay powered by AvidXchange in May 2023, the first fully integrated accounts payable (AP) solution in the industry that automates the vendor payment process.
Brian Thayer, Vice President & General Manager of Sales, Real Estate at AvidXchange, and Chris Millner, Chief Product Officer at CINC Systems, share their perspectives on the solution, back-office efficiency and payment trends within the community association management (CAM) industry.
What attracted CINC Systems to partner with technology/service providers like AvidXchange for this solution?
Chris: We’re a company that knows great software can help propel businesses forward. CINC Systems became the first cloud-based integrated accounting and property management system within the community association management industry back in 2005, but since then, a lot has changed in terms of technology and the needs of our customers. We’re committed to innovating and delivering new tools and great customer experiences, and we look to partner with companies that follow the same sentiment.
AvidXchange is a customer-obsessed company with best-in-class technology and a stellar team of employees, making this partnership a no-brainer. We’ve had a strong partnership with AvidXchange, specifically with the AvidStrongroom integration, and found that while it works great for some customers, there was an opportunity to have AP payments integrate seamlessly within the CINC platform. That’s why we worked with AvidXchange to create the VendorPay solution.
What attracted AvidXchange to the idea of partnering with CINC Systems for this solution?
Brian: At AvidXchange, we’re committed to deepening our focus in the community association management (CAM) and real estate vertical. We are eager to find fresh perspectives and opportunities to better support our customers within the industry through technology. We’ve conducted research to better understand the needs of community association management organizations and their leaders, and we’ve found that “implementing new technologies” was the most cited challenge for CAMs. As the largest provider of SaaS solutions for CAMs, CINC Systems wants to leverage the latest technology to help improve efficiency, transparency, and profitability for their clients, which aligns with our mission.
How does the launch of VendorPay benefit CINC Systems’ clients?
Chris: VendorPay is the first fully integrated AP solution for association management that offers end-to-end efficiency within the AP process. Since VendorPay is backed by AvidXchange’s proprietary AvidPay Network, community management companies using CINC services can now become more efficient by reducing their expenses and minimizing the need for other manual processes that could hinder their operations. They can convert paper checks into faster electronic payments, reduce check fraud losses, as well as the likelihood of human errors that could result from manual routines; all of which can save time and money. To tap into these benefits, customers using this platform can import and approve vendor invoices in CINC, select CINC VendorPay as the payment type and then AvidXchange will pay the customer’s vendor by the vendor’s preferred payment method. Payments also auto-reconcile in CINC, and detailed transaction history through the clearing of the payment is captured automatically in the invoice history. This is all achieved without customers ever having to leave CINC’s interface, thanks to AvidXchange’s industry-leading payment capabilities.
What trends in payments and the broader CAM industry are inspiring the need for this new solution?
Chris: CINC clients made more than four million payments in the last 12 months. On average, it costs several dollars to write and mail individual checks. VendorPay eliminates those costs, which can be beneficial in curbing some of the macroeconomic pressures facing CAM organizations. It’s important to recognize that obsolete accounting processes not only waste precious time and money but can also frustrate employees. Through automated solutions, CAMs can reduce the mundane, busy work – like weekly check runs– and help improve employee morale by allowing them to focus on value-added activities for the business, such as interacting with the boards and homeowners. We have also seen a substantial increase in check fraud and mail delivery times, both of which improve with the VendorPay solution.
Brian: Today’s inflationary environment is sparking a need for community managers to identify ways to improve efficiency in their back-office and source the right technologies that will help them stay nimble. By implementing new, automated solutions, they can keep up with business shifts without disrupting any payment processes, which are critical to ensuring overall profitability against current macroeconomic pressures.
—
About Brian Thayer
As Vice President & General Manager of Sales, Real Estate at AvidXchange, Brian Thayer specializes in helping companies streamline accounts payable operations and creating efficiencies through automation and best practices.
Throughout his ten-year tenure at AvidXchange, Brian has worked with hundreds of real estate companies, helping them evaluate and implement automation solutions. He is passionate about helping businesses become more efficient, reducing their environmental footprint, and positioning organizations to grow with negative financial impact.
About Chris Millner
Chris Millner is the Chief Product Officer of CINC. He brings innovation to life so that homeowners can have better experiences living in professionally managed communities. From advanced AI tools to streamlined accounts payable processes, he is always developing new, unique ways CINC can bring value to the association that no other solution can.