The AvidPay Network helps businesses like yours get paid as quickly and securely as possible, offering real-time visibility into payment status via our self-service AvidXchange Supplier Hub. If you’re unfamiliar with AvidXchange and what we do, look no further. This article will share all you need to know about working with us.
What Is AvidXchange?
AvidXchange provides accounts payable (AP) automation Software as a Service (SaaS) to mid-size companies. Based in Charlotte, NC, the company was founded in 2000. Today, we have more than 8,000 customers. In 2022, we processed more than 70 million transactions.
Companies partner with AvidXchange to automate their invoice and payment processes. We help AP departments work more efficiently and assist in getting their suppliers paid on time.
Our AvidInvoice software helps companies streamline their invoice approval process by digitizing workflows. AP staff no longer have to manually enter invoices into their system, which makes the process faster and more accurate. Stakeholders can digitally approve invoices from anywhere at any time, which offers convenience and further speeds the process.
Our AvidPay software lets businesses automate bill payment. Once invoices are approved, AvidPay will automatically send payment to a business’ suppliers via their preferred payment method (credit card, direct deposit or mailed check).
What Is the AvidPay Supplier Network?
The AvidPay Network refers to the businesses our customers pay via AvidPay. When your customer uses AvidXchange to pay you, you instantly become part of the AvidPay Supplier Network. In just the last five years, the AvidPay Network has included more than 965,000 businesses.
Being part of the AvidPay Network has a number of benefits, including:
- Faster payments
- Improved cash flow management
- Reduction in manual paperwork and administrative tasks
- Access to special services like invoice acceleration and straight through processing with Mastercard
Once you set up your payment profile, Network members can choose the payment method that works best for your business. Options include virtual Mastercard, AvidPay Direct (enhanced direct deposit) or paper check mailed via USPS.
AvidPay Network Advantages
AvidXchange offers members of its supplier network some specialized elective services to support the accounts receivable (AR) process.
Payment Accelerator is an early advance payment option offered by AvidXchange. It allows AvidPay Network members to receive a payment before it’s made it through their customer’s entire workflow.
If you choose to accelerate an eligible invoice, AvidXchange deposits the funds directly into your account in as little as one business day. When your customer approves and pays the invoice, AvidXchange keeps the funds to close out the transaction.
Payment Accelerator helps your business bridge cash flow gaps and delivers payment of eligible selected invoices in less than 24 hours.
Straight Through Processing
Businesses with a merchant account can opt for straight through processing (STP) with AvidXchange. With STP, we deliver funds directly to your merchant account and send aggregated payment details in a CSV file via email for quick and easy reconciliation.
STP reduces the time spent on receiving, processing and reconciling payments. It can reduce your days outstanding, improve data accessibility and accelerate payment speed.
AvidXchange Supplier Hub
The AvidXchange Supplier Hub is a free self-service tool that allows you to see real-time invoice and payment statuses, accessible 24/7 from anywhere.
The AvidXchange Supplier Hub offers on-demand support via live chat and a Help Center with curated resources. You can customize email notification settings to alert you to various status updates, like when your invoice is approved or payment is complete.
This interactive tool offers several other useful features such as easy export of invoice statuses for reconciliation and the ability to manage user access for other members of your team.