AvidXchange Announces New FastPay Political+ Platform Automating the Buying and Selling Process for Political Media Agencies

Rhea-AI Summary

AvidXchange, a leading provider of accounts payable automation solutions, announced the launch of FastPay Political+ on January 20, 2022. This enhanced platform aims to streamline the media buying and selling process for political agencies amidst a projected $9 billion advertising spend during the historic 2022 mid-term elections. Key features include direct media buying system integration, automated check mailing within the U.S., and upgraded virtual commercial card management tools. AvidXchange supports over 7,000 businesses and has made payments to over 700,000 suppliers in the past five years.

Positive

• Launch of FastPay Political+ enhances automation for political agencies.
• $9 billion projected advertising spend in 2022 likely increases demand for services.
• Direct integration with media buying systems improves operational efficiency.

Negative

• None.

CHARLOTTE, N.C., Jan. 20, 2022 (GLOBE NEWSWIRE) -- AvidXchange Holdings, Inc. (“AvidXchange”) (Nasdaq: AVDX), a leading provider of accounts payable and payment automation solutions for the middle market, today announced FastPay Political+, a major enhancement of the company’s industry leading platform FastPay Political, designed to help political agencies and media suppliers nationwide automate the media buying and selling process.

FastPay Political+ offers three new critical features within its payment automation platform including:

• Direct integration with industry-leading media buying system.
• Automation with check mailing functionality within the continental U.S. that provides digital check copies, embedded tracking numbers, and different shipping method options.
• Upgraded virtual commercial card management tool that allows customers the ability to create, manage, and reconcile digital virtual commercial credit card payments with enhanced transaction reports.
  

“According to AdImpact, the political industry is projected to spend over $9 billion in advertising during a historic 2022 mid-term election, and we knew we needed to deliver an enhanced platform to best support our customers during this time of anticipated exponential growth,” said Secil Baysal, Senior Vice President & General Manager of Media at AvidXchange. “We’re confident FastPay Political+ will help agencies operate at maximum efficiency during this time by automating and reducing existing pain points within the manual payments process.”

“Our longstanding partnership with FastPay has gotten even stronger with FastPay Political+, which enables our team to worry less about when and if media payments have been delivered and focus more on our agency’s winning formula for our clients,” says Patrick Kennedy, CFO of AL Media.

To learn more about FastPay Political+, visit: https://gofastpay.com/fastpay-political/.

About AvidXchange

AvidXchange is a leading provider of accounts payable (“AP”) automation software and payment solutions for middle market businesses and their suppliers. AvidXchange’s software-as-a-service-based, end-to-end software and payment platform digitizes and automates the AP workflows for more than 7,000 businesses and it has made payments to more than 700,000 supplier customers of its buyers over the past five years.

Forward-Looking Statements

This press release may contain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements generally relate to future events or our future financial or operating performance and often contain words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “future,” “likely,” “may,” “should,” “will” and similar words and phrases indicating future results. These forward-looking statements are made on the basis of management’s current expectations, assumptions, estimates and projections and are subject to significant risks and uncertainties that could cause actual results to differ materially from those anticipated in such forward-looking statements. We therefore cannot guarantee future results, performance or achievements.

Factors which could cause actual results or effects to differ materially from those reflected in forward-looking statements include, but are not limited to, the risk factors and other cautionary statements described in registration statements and periodic reports we file with the SEC, including our prospectus as amended and filed with the SEC pursuant to Rule 424(b)(4) on October 14, 2021 which may be obtained on the investor relations section of our website (https://ir.avidxchange.com/) and on the SEC website at www.sec.gov. Any forward-looking statements made by us in this press release are based only on information currently available to us and speak only as of the date they are made, and we assume no obligation to update any of these statements in light of new information, future events or otherwise unless required under the federal securities laws.

Contact

Olivia Sorrells
osorrells@avidxchange.com
980-643-7889

FAQ

What is FastPay Political+ and its purpose?

FastPay Political+ is an enhanced platform launched by AvidXchange to automate media buying and selling processes for political agencies.

How much is expected to be spent on political advertising in 2022?

The political industry is projected to spend over $9 billion in advertising during the 2022 mid-term elections.

What new features does FastPay Political+ offer?

The new features include direct media buying system integration, automated check mailing with digital copies, and upgraded virtual commercial card management.

How does AvidXchange support businesses?

AvidXchange provides accounts payable automation solutions for over 7,000 businesses, facilitating payments to more than 700,000 suppliers.