VoPay and Avesdo’s Embedded Payment Integration Reduces Pre-Sale Property Transaction Time by 70% in the Canadian Market
Partnership Cuts Payment Reconciliation Time from 45 Days to 6 Days, Streamlining Transactions in the Canadian Market
VANCOUVER, British Columbia–(BUSINESS WIRE)–#digitalpayments—VoPay, a leading provider of embedded financial technology solutions, in partnership with Avesdo, is set to modernize the pre-sale property market by introducing a fully embedded digital payment solution within Avesdo’s Transaction Management System (TMS). This partnership aims to eliminate the traditional inefficiencies that plague the home-buying process.
Collecting large transactions using traditional payment methods such as cheques and wire transfers typically results in prolonged payment reconciliation periods, excessive administrative burdens, and significant risks due to human error. These traditional methods are not only time-consuming but also prone to inaccuracies and inefficiencies.
With this new digital integration, the entire process can be streamlined, reducing transaction times by over 70%, from several months to less than three weeks. This improvement not only enhances security and speed but also benefits the multi-billion-dollar Canadian pre-sale property market by offering a more efficient and reliable transaction process for both consumers and developers.
“Avesdo’s mission has always been to simplify the complex process of new home sales and transactions,” said Ben Smith, President of Avesdo. “Partnering with VoPay has allowed us to take a significant leap forward by integrating a payment process that is as efficient as it is user-friendly. This enhances our platform’s functionality and provides our clients with the tools they need to support their clients to succeed in a competitive market.”
Benefits for Real Estate Developers:
For real estate developers using Avesdo’s platform, VoPay’s payment solution offers:
- Enhanced Efficiency: Automating payment notifications, processes, and reporting reduces the time required for payment reconciliation from an average of forty-five to six days. This automation minimizes manual intervention and reduces administrative workload.
- Accurate Payment Tracking: Detailed descriptors allow developers/lawyers to easily identify payment origination, which is crucial for managing large-scale projects.
- Improved Cash Flow: With faster reconciliation, developers can process construction draws up to 39 days earlier.
Benefits of VoPay x Avesdo:
The integration with VoPay’s technology also brings significant benefits to the Avesdo platform itself:
- New Revenue Streams: Avesdo has opened up new revenue opportunities on fees customers are already conditioned to pay to banks while adding significant value add for those fees.
- Market Expansion: The enhanced payment system positions Avesdo as one of the only platforms in North America that integrates a complete point-of-sale, payment, and transaction system, giving it a competitive edge.
- Superior User Experience: The streamlined, automated payment process provides a better end-user experience while simultaneously automating developer processes and once fully manual reporting.
“We’re thrilled to team up with Avesdo, who shares our vision for better software solutions,” stated Hamed Arbabi, CEO of VoPay. “This partnership underscores our commitment to transform payment technologies across industries. VoPay’s Fintech as a Service platform helps other applications build powerful financial systems, and by integrating our EFT technology with Avesdo’s platform, we are setting a new standard for real estate transactions.”
Read the full Case Study at: vopay.com/avesdo
About VoPay
At the core of VoPay’s offering is a multi-tenancy architecture seamlessly integrated with a comprehensive payment engine and financial services solutions, epitomizing the concept of Fintech-as-a-Service. For software enterprises seeking to accelerate growth, expedite time to market, reduce operational costs, and enhance efficiency within their core platform, VoPay provides an embedded payment solution.
Discover VoPay’s intelligent and secure payment technology at https://vopay.com
About Avesdo
Founded by real estate legal experts, Avesdo is dedicated to helping new home developers sell faster, for more money, with less risk. Our platform and services have facilitated the launch of hundreds of developments and billions in annual transactions. A pioneer in digital contracting and payments, in 2020, Avesdo made history by being the first platform in Canada to transact a new home completely online.
Contacts
For media inquiries, please contact:
VoPay International Inc.
[email protected]
