CHARLOTTE, N.C., May 15, 2019 /PRNewswire/ -- AvidXchange™, the leading provider of accounts payable (AP) and payment automation solutions, today announced that 500,000 suppliers are now part of the AvidPay Network, marking a significant milestone and reaffirming its position as the largest B2B payments network for midmarket companies. As more businesses look to utilize electronic payments, the AvidPay network enables thousands of suppliers annually to transition from paper checks to payment methods like virtual credit card (VCC) and AvidPay Direct, a proprietary ACH+ product leveraging ACH with enhanced information. AvidXchange made this announcement at REVx, its annual gathering of industry experts, AP thought leaders and finance professionals.
More than 220,000 suppliers enrolled with AvidXchange are currently choosing e-payments to receive funds faster and more efficiently. Vendors maintain control by selecting the type of payment for each transaction and benefit from full visibility into payment status through the AvidXchange Cashflow Manager, a self-service portal that provides real-time insights from any computer or mobile device. Suppliers can also tap into the Invoice Accelerator, an early payment program that cuts payment time down to 24 hours on outstanding approved invoices.
"Today's business leaders recognize electronic payments as the way forward but are often hesitant to take the first step because their processes are so engrained in paper checks and invoices," said Mike Praeger, CEO and Co-Founder of AvidXchange. "We're helping our customers tackle that transition, getting rid of paper and the inefficiency it creates. The continued growth of the AvidPay Network is a testament to the increasing momentum behind e-payments in the B2B market."
When vendors move to electronic options like AvidPay Direct, businesses can save money by tapping into early payment rebates and focus talent on more strategic tasks rather than printing and mailing paper checks. Customers maintain control by continuing to utilize their own accounting systems and bank connections, while relying on AvidXchange's dedicated service team to help strengthen relationships with their most important suppliers by guaranteeing secure, timely and accurate payments.
"Using AvidXchange has impacted our business by helping our vendor relationships," said Syd Talley, President of Lead Association Management. "Our vendors are paid quickly, timely, and they want to work with us because they know when they submit their invoices, they're submitted correctly."
With a 95% supplier retention rate, the AvidPay Network is a critical tool in helping thousands of businesses across multiple industries modernize operations by creating repeatable, scalable payment processes. These processes can grow as the company does, while simultaneously eliminating the antiquated back-office tasks that accompany manual payment workflows.
About AvidXchange™ Founded in the year 2000, AvidXchange transforms the way companies pay their bills. Trusted by more than 5,500 customers throughout North America, AvidXchange is the industry leader in automating invoice and payment processes across the real estate, HOA, construction, and healthcare industries. AvidXchange is distinguished as a global fintech unicorn and one of the fastest growing technology companies in the U.S., offering a complete solution designed to help mid-market businesses modernize operations and embrace the future of finance. For more information, visit www.AvidXchange.com.
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Source: Company press release.