AvidXchange Offers Straight Through Processing Capability to Fully Automate Delivery and Receipt of Payments
AvidXchange Holdings (Nasdaq: AVDX) has introduced Straight Through Processing (STP), enhancing the payment experience for high-frequency supplier customers via the AvidPay Network.
STP automates payment delivery, allowing funds to flow directly to suppliers' bank accounts, improving speed and reliability. This change minimizes human error and offers detailed remittance data for bookkeeping.
The innovation aligns with feedback from customers and aims to bolster AvidXchange’s automated accounts payable services, responding to growing industry demand.
- Introduction of STP improves payment speed and reliability for suppliers.
- Minimized human touchpoints reduce errors in payment processing.
- Enhancements driven by customer feedback, indicating responsiveness to market needs.
- None.
STP to further enhance scalability and reliability with a better user experience for supplier customers when receiving payment from buyer customers
CHARLOTTE, N.C., May 09, 2022 (GLOBE NEWSWIRE) -- AvidXchange Holdings, Inc. (Nasdaq: AVDX), a leading provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, today announced Straight Through Processing (STP) is available to high-frequency supplier customers paid through the AvidPay Network.
STP offers a more convenient and reliable process by fully automating the delivery and receipt of payment. Once the buyer customer sends a payment, the funds flow directly to a merchant processer and then are deposited into the supplier customer’s bank account making funds available faster than being issued a virtual credit card. Furthermore, because there are minimal human touchpoints required, this process is less error prone with less exception handling. Additionally, STP provides detailed remittance data via a daily remittance file for easier bookkeeping.
“With STP, I save at least one hour each week not having to manually enter dozens of check transactions and I receive payments much faster than using paper checks sent through the mail,” said Bryce Clark, Vice President & Co-Owner of Capital Lock, Inc. “I look forward to experiencing the additional time-saving benefits when apartment turnover season approaches and know I can rely on my AvidXchange team to help with any challenges I encounter.”
“STP is a great example of our continued dedication to the improvement of our automated AP and payment offerings for both buyers and suppliers,” said Dan Drees, Chief Growth Officer of AvidXchange. “We began exploring STP in 2020 as a result of the feedback we received from our supplier customers with a high number of payment transactions, and we expect the appetite for this to continue both from our customers and the B2B industry at-large as the world continues to evolve.”
To learn more, visit: https://www.avidxchange.com/stp.
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 8,000 businesses and it has made payments to more than 825,000 supplier customers of its buyers over the past five years. To learn more about how AvidXchange is transforming the way companies pay their bills, visit www.AvidXchange.com.
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. The information presented in this press release related to our expectations of future performance, as well as other statements that are not purely statements of historical fact, are forward-looking in nature. 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, from time to time, in AvidXchange’s filings with the Securities and Exchange Commission (“SEC”), including, without limitation, AvidXchange’s Annual Report on Form 10-K and other documents filed with the SEC, 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
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