This announcement is posted in Cision and discusses a new program launched by AvidXchange, the Charlotte-based payments automation company that targets primarily middle market companies that need digital financial processes. The new initiative is called Boost your Business Program and appears to be an accelerated onboarding process for the invoice-to-pay cycle.
The pandemic has been motivating many corporates to review their analog processes and systems for a more modern approach given the work at home scenarios and inefficiencies of manual work. So the heretofore tepid adoption of digital financial operations among smaller firms has been given a kick in the pants due to cash flow issues for the most part.
“Three out of four businesses have adopted new technologies during the pandemic because they know investing wisely in core operations is key to creating new growth in 2021,” said Michael Praeger, CEO and Co-Founder of AvidXchange. “We conceptualized this new program specifically for companies that are still burdened by antiquated back office processes. By helping them shift to e-invoicing and e-payments, we’re pivoting their entire finance team to focus on what really matters right now – bolstering the balance sheet for the year ahead.”
We started hearing about this sea change as early as April, but the pace of change has been even more accelerated than we would have thought. In effect, smaller firms have fewer barriers to adoption and now a higher motivation to modernize the cash cycle given the working capital implications. Firms like AvidXchange are in position to capitalize on this wave utilizing APIs for faster implementation.
‘After automating with AvidXchange, customers continue to receive support from dedicated services teams, including a 400-person supplier services team that alleviates the burden of fielding payment inquiries and maintaining supplier payment preferences so AP managers can focus on more value-add tasks. AvidXchange offers multiple e-payment options through the AvidPay Network of more than 680,000 suppliers, helping customers minimize the need to send paper checks by paying via virtual card or AvidPay Direct (APD), AvidXchange’s enhanced ACH option.’
Overview by Steve Murphy, Director, Commercial and Enterprise Payments Advisory Service at Mercator Advisory Group