IDC MarketScape names AvidXchange a Leader in Accounts Payable Automation for the Midmarket
Customer experience, AvidPay Network recognized as strengths of AvidXchange in latest IDC MarketScape report
CHARLOTTE, N.C. (Feb. 17, 2021) – AvidXchange, the leading provider of accounts payable (AP) and payment automation solutions for the middle market, has been named a Leader in IDC Research’s latest report on AP automation. In IDC MarketScape: Worldwide SaaS and Cloud-Enabled Accounts Payable Automation Applications for Midmarket 2020-2021 Vendor Assessment, analysts identified customer satisfaction and the AvidPay Network of more than 680,000 suppliers as AvidXchange strengths compared to key competitors.
According to the report, “AvidXchange received one of the highest customer ratings among IDC’s survey of end users.” High marks were attributed to live, hands-on services groups dedicated to ensuring customer success after go-live, setting AvidXchange apart in its ability to provide a comprehensive support experience to middle market businesses. Coupled with AP automation solutions that integrate directly with customers’ accounting systems and access to the AvidPay Network, AvidXchange helps AP teams pay bills more efficiently by eliminating paper and manual processes.
The AvidPay Network is the largest payments network for the middle market, offering multiple e-payment options for suppliers to help reduce paper checks. By shifting to virtual card (VC) or AvidPay Direct, suppliers can get paid in as little as 24 hours through their preferred payment method while gaining more visibility into payments and control over their cash flow.
“We’ve spent more than 20 years building a cloud-based AP automation platform and payments network specifically designed for how middle market customers pay their bills,” said Michael Praeger, CEO and Co-Founder of AvidXchange. “With AvidXchange, mid-sized businesses can leave their paper behind and fully automate payment processes to empower their AP teams in an anywhere, anytime digital environment, taking the pain out of how they make payments.”
“COVID-19 has added a new layer of complexity to managing spending for most businesses, motivating many to seek new AP and payment tools to drive clarity and efficiency,” said Kevin Permenter, Research Manager, Enterprise Applications at IDC Research. “AvidXchange is a leader in delivering those tools because its industry-specific solutions are easy to implement and connected to an extensive network of suppliers – with multiple services groups designed to promote customer success from onboarding through day-to-day operations.”
Read the IDC MarketScape for Worldwide SaaS and Cloud-Enabled Enterprise Accounts Payable Automation Applications for Midmarket 2020-2021 Vendor Assessment (Doc # US47032620, December 2020) excerpt here.
AvidXchange is the industry leader in automating invoice and payment processes for mid-market businesses. With 1,500 employees supporting 6,000 customers across North America, AvidXchange processes over $140 billion transactions annually with more than 680,000 suppliers paid through its network. To learn more about how AvidXchange is transforming the way companies pay their bills, visit www.AvidXchange.com.
About IDC MarketScape
IDC MarketScape vendor analysis model is designed to provide an overview of the competitive fitness of ICT (information and communications technology) suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors.