Appraisal management software provider Connexions has introduced payment processing, streamlining appraisal management.
Payment processing is a critical aspect of operations and involves navigating a variety of challenges, such as managing extensive administrative tasks, ensuring streamlined workflows, and maintaining transparent and efficient financial transactions, the company says in a release.
A common scenario that illustrates these challenges is when companies are tasked with handling numerous orders, each with its own set of payment terms and timelines. This often leads to administrative teams being overwhelmed with manual payment tracking and resolving transaction delays.
Such situations not only strain resources but can also lead to dissatisfaction among appraisers and borrowers. Recognizing and addressing these issues is essential, as they significantly impact the overall efficiency and effectiveness of operations in the field, Connexions says.
Payment processing services provide a seamless and flexible experience. By handling payments directly, Connexions pays the vendors on behalf of the lenders, thus simplifying the payment workflow and alleviating the administrative burden from lenders. This streamlined approach allows for customized payment links at different order statuses, ensuring that payments are initiated automatically once “Vendor Acceptance” status is achieved, the company says.
To accommodate the fluid nature of business transactions, Connexions’ system is designed to place orders “On Hold” if payments fall below a certain threshold, resuming only upon confirmed payment receipt. This level of automation in payment management, along with transparent fee calculations displayed in the “Products Ordered Section,” ensures accuracy and saves valuable time, the company claims.
Furthermore, lenders can maintain complete control over payment amounts, which can be adjusted as needed. Any discrepancies are automatically flagged and calculated as “To Bill,” guaranteeing that invoicing remains consistent and error-free.
Thus, Connexions ensures that payments to appraisers and borrowers are handled efficiently and accurately.
Photo: Agence Olloweb