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In addition to listing single- and multi-family vacant properties on its site — where renters register, are subject to security checks and are matched to properties — the company also offers digital lockboxes and sensors along with online schedulers that help landlords manage their properties.
Take the lockbox, for example. It’s a service designed around the ubiquity of the paper check, and with checks still a popular payment tool in B2B transactions, lockbox services remain in high-demand. Lockbox services may seem outdated in today’s ecosystem of electronic payments and cloud-based financial management platforms.
Some of them have been mandated by governments, readying for anticipated demand. The increased use and adoption of P2P technologies, like Zelle and Venmo, demonstrates the consumer demand for this type of frictionless payment option. Along with demand for faster payments , the information conveyed in them has significant value.
Their tie-up will see City National Bank enabling its business clients to access Visa's virtual corporate card technology that the bank can issue on-demand, with support for Google Pay and Apple Pay mobile wallets. Apollo Bank Adopts CheckAlt Lockbox Technology. City National Bank, Extend Pair On Virtual Cards.
Leavitt, founder and CEO of Boost Payment Solutions , this is among the largest priorities for today’s accounts receivable departments, and commercial cards are stepping up to meet that demand. Leavitt said in a recent interview with Karen Webster. The thirst for data among businesses is reaching levels we’ve just never seen before.”.
The waning is simply — at least for now — a function of demand, and what we’re seeing is typical of a recession. The resilience will translate into a recovery in the demand for paper checks, McCarthy predicted, likening the upswing, in visual terms, to the famed Nike “swoosh” — up and to the right. What Happens In A Recession.
The shift to electronic supplier payments is just one example of the demands finance teams are facing to endure difficult times. With personnel working from home, this company could no longer cut and send checks to pay suppliers because AP staff couldn’t access the checks stuck in a lockbox in the office.
The demand for integrated receivables has been building steadily for the last several years, and we’re excited to partner with FTNI to make this technology a reality for our customers.”
The persistence of legacy infrastructure can often throw sand into the wheels of digital payments progress at the very same time that consumers demand innovation — and options that are faster, cheaper and evermore secure. Supply and Demand. The ability to keep up with consumer demand is the crux of any capitalist enterprise.
Further, Leavitt added, the commercial card sits nicely within the B2B market’s demand for data. It’s going to be in a format that is very cumbersome for the supplier to bring into their systems,” he noted, adding that lockbox services and manual data entry costs hit businesses hard.
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