E-payment adoption, supplier enrollment hit record highs in
CHARLOTTE, N.C., June 30, 2020 /PRNewswire/ -- AvidXchange, the leading provider of accounts payable (AP) and payment automation solutions for the middle market, is experiencing record high e-payment adoption rates in the AvidPay Network as businesses look to pay bills remotely and reduce their reliance on shipping and mailing services. More than 300,000 of AvidXchange's +680,000 suppliers are now accepting e-payments, and supplier enrollment in enhanced ACH option AvidPay Direct (APD) has increased more than 30 percent over the last two months as AP teams look for more secure, reliable ways to make and receive payments.
To help protect its suppliers from payments fraud and security threats, AvidXchange released new functionality for Cashflow Manager, a small business solution designed to support accounts receivable processes by providing suppliers with visibility into transactions within the network. Cashflow Manager now automatically alerts users when bank account information or personal data is changed to help mitigate risk, unauthorized access to payments and unapproved attempts to redirect funds.
Cashflow Manager also offers suppliers access to AvidXchange's Invoice Accelerator service to expedite eligible invoices for electronic payment in as little as 24 hours. An enhanced automatic acceleration feature makes it even easier to fast track funds, allowing suppliers to better control their cash flow and receive payments when their business needs them.
"As the owner of a company, cash flow is the hardest part to adjust, especially in our busy season, so timing our payments with AvidXchange makes it easy," said David Tuccio, Owner of Precision Landscape Management. "Invoice Accelerator helps us get paid on time or even early and Cashflow Manager saves us about 30 percent of the time we used to spend following up with customers on payment."
With more than 680,000 suppliers, the AvidPay Network is the largest payments network for the middle market offering multiple payment options for suppliers and one of the highest e-payment adoption rates in the U.S. By eliminating paper checks and transitioning to e-payments, suppliers benefit from increased security and visibility, backed by AvidXchange's 400-person supplier services team to help them get paid quickly and efficiently. Payment specialists fully support suppliers by reaching out when payments require attention, managing inquiries on outstanding bills and monitoring for any irregularities so payments are always protected, consistent and delivered via the method that best fits the supplier's business.
"74 percent of finance professionals reported that their organization's payments made with paper checks were subject to fraud attempts last year – more than double the percentages for ACH or card payments," said Christina Quaine, Chief Information Security Officer at AvidXchange. "With e-payments, you know exactly when and how the money will arrive and that it will make it to your bank account securely, which is critical in our current environment with much of the workforce operating remotely and fraud attempts on the rise."
To help more businesses create a secure virtual AP environment, AvidXchange has launched a new program that automates AP and payment operations at no cost for the first year with quick set-up and configuration in as little as five hours. Read more about remote workplace fraud vulnerabilities and how to mitigate escalating threats by moving to 100 percent electronic invoicing and payments.
AvidXchange is the industry leader in automating invoice and payment processes for mid-market businesses. Founded in the year 2000, AvidXchange processes over $140 billion transactions annually across its network of more than 680,000 suppliers, transforming the way 6,000 customers in North America pay their bills. AvidXchange is distinguished as a global fintech unicorn and one of the fastest growing technology companies in the U.S. with 1,500 employees supporting customers across seven office locations. For more information, visit www.AvidXchange.com.
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