Easy Electronic Payments are Now Available for Midsize Companies

CHARLOTTE, N.C., March 13, 2012 /PRNewswire/ -- AvidXchange is thrilled to announce the expansion of their bill payment service for mid-market companies with the introduction of AvidPay.  AvidPay will complement AvidXchange's current offerings, and enable the company to provide customers with an impressive combination of services and solutions that will facilitate the complete automation of businesses' accounts payable and bill payment processes from invoice receipt to vendor payment.  AvidPay differs from other solutions of its kind, because it integrates with customers' existing accounting systems and makes it possible for them to use all of their bank accounts, regardless of which bank it is or the number of accounts that they have.

"We implemented AvidPay to further automate our AP process and eliminate paper costs and handling related to check payments.  The implementation was quick and painless and the migration to the new processes and procedures was straightforward.   The cost per transaction is easily justifiable and the pay back is immediate.  This was an easy decision and an easy transition," remarked John Olson, Director of Information Technology, for Vedder Management.

AvidXchange's success with AvidUtility inspired them to broaden the scope of their bill payment service, and apply their best practices to a monthly service that handles 100% of payments, which is now known as AvidPay. The hallmarks of AvidPay are the elimination of paper checks for customers, which reduces the cost of issuing check payments upwards of 60%, and the integration with customers' existing accounting systems and bank accounts.  AvidPay also protects against fraud for all transaction-based payments and eliminates the need to manage payment information for vendors. AvidPay comes with a guaranteed implementation timeframe of 45 days or less, which aligns with AvidXchange's existing implementation guarantee. 

"What's most unique about AvidPay is that our clients can maintain their existing bank accounts across one or multiple banking institutions to quickly and easily transmit payment information from their accounting system to our application, then sit back and relax, as AvidXchange manages the distribution of vendor payments on their behalf," remarked Jay Plueger, Vice President of Product Management.  "We are confident we have hit a home run for our clients with AvidPay," adds Plueger.

About AvidXchange

AvidXchange is revolutionizing the way companies pay their bills. AvidXchange offers a complete Suite of solutions that automates all of the processes associated with Accounts Payable from invoice receipt to vendor payment.  The AvidSuite of products and services includes:  AvidInvoice, AvidContract, AvidBuy, AvidReports, AvidBill Network and AvidPay. AvidXchange has recently extended their expertise into specialized services and analytics for energy, metered utilities and telecom services. 45 day implementation -- guaranteed. Headquartered in Charlotte North Carolina, AvidXchange is privately held. Contact us at 800.560.9305/ [email protected]

Contact: Rachel Stroud
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704.971.8137

SOURCE AvidXchange