CHARLOTTE, NC, May 09, 2022 (GLOBE NEWSWIRE) — AvidXchange Holdings, Inc. (AVDX), a leading provider of accounts payable (AP) automation software and payment solutions for businesses in the middle market and their vendors, today announced straight-through processing (STP) is available for high-frequency vendor customers paid through the AvidPay network.
STP offers a more convenient and reliable process by fully automating the delivery and receipt of payment. After the buying customer sends a payment, the funds are routed directly to a merchant processor and then deposited into the supplier customer’s bank account, making funds available faster than issuing a credit card Virtual. Additionally, since there are minimal human touchpoints required, this process is less error-prone with less exception handling. Additionally, STP provides detailed payout data via a daily payout file for easier accounting.
“With STP, I save at least an hour each week without having to manually enter dozens of check transactions and receive payments much faster than with mailed paper checks,” said Bryce Clark, vice -president and co-owner of Capital Lock. , Inc. “I look forward to the added time-saving benefits as apartment rotation season approaches and I know I can count on my AvidXchange team to help me through any challenges. whom I meet.”
“STP is a great example of our continued dedication to improving our payment and automatic payment offerings for buyers and suppliers,” said Dan Drees, chief growth officer of AvidXchange. “We began exploring STP in 2020 following feedback we received from our supplier customers with a high number of payment transactions, and we expect the appetite for this to continue from both our customers and the B2B industry as a whole as the world continues to evolve. »
To learn more, visit: https://www.avidxchange.com/stp.
AvidXchange is a leading provider of Accounts Payable (“AP”) automation software and payment solutions for mid-market businesses and their vendors. AvidXchange’s Software-as-a-Service-based end-to-end payment and software platform digitizes and automates AP workflows for more than 8,000 businesses and has made payments to more than 825,000 vendor customers. its buyers over the past five years. To learn more about how AvidXchange is transforming the way businesses pay their bills, visit www.AvidXchange.com.
This press release may contain “forward-looking statements” within the meaning of the United States 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”, “aim”, “seek”, “believe”, “project”, “estimate”, “expect”, “future “, “likely”, “may”, “should”, “will” and similar words and expressions indicating future results. The information set forth in this press release regarding 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 based on management’s current expectations, assumptions, estimates and projections and are subject to important 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 that could cause actual results or effects to differ materially from those reflected in the forward-looking statements include, but are not limited to, the risk factors and other caveats described, from time to time, in the filings by AvidXchange 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 in the Investor Relations section of our website (https://ir.avidxchange.com/) and on the SEC website at www.sec.gov. Any forward-looking statements we make in this press release are based solely on information currently available to us and speak only as of the date they are made, and we undertake no obligation to update the any of these statements in light of new information, future events or otherwise, except as required by federal securities laws.