New partnership provides SAP Concur customers access to electronic payments with 500,000+ suppliers
Charlotte, N.C. (July 18, 2019) – AvidXchange today announced a strategic partnership with SAP Concur allowing Concur Invoice customers to process electronic payments through the AvidPay Network of 500,000+ suppliers. With AvidXchange’s payments expertise, Concur Invoice customers will be able to offer multiple payment options to vendors, including virtual card, AvidPay Direct – a proprietary ACH+ product leveraging ACH with enhanced information – along with several other forms of ePayment settlement methods. Access to the AvidXchange integration will be available via the SAP Concur App Center.
This partnership also gives Concur Invoice customers access to AvidXchange Supplier Services, including a team of more than 300 AvidXchange employees focused on helping vendors transition to ePayments while ensuring payments are timely and accurate. By alleviating the need to print, sign and mail paper checks, businesses using AvidPay with Concur Invoice can also focus employee time and labor on more strategic, value-add tasks.
“Over the past 20 years, we’ve built the strongest supplier network for the midmarket, supported by an industry leading payment services team,” said Michael Praeger, CEO and Co-Founder of AvidXchange. “We’re excited to bring the AvidPay Network to Concur Invoice customers across the United States to help them streamline and optimize how they pay their vendors.”
“SAP Concur is committed to enabling customers to have choices that enable strategic financial management with industry-leading applications via partners. The AvidXchange integration allows customers to manage the full invoice and payments process,” said Ben Brewer, Senior Vice President and General Manager of Global SMB at SAP Concur. “By building this relationship with AvidXchange, we’re allowing businesses who already trust our technology to tap into the AvidPay Network, creating additional value from their existing SAP Concur solutions.”
Seamless integration between Concur Invoice and AvidXchange offers the visibility businesses need to streamline approvals and speed the transfer of funds by providing an integrated platform, rather than multiple, disparate financial applications. With the solutions’ combined functionality, Concur Invoice customers in North America can better manage the AP process, optimizing cash flow and spending with insight across the complete AP and payment lifecycle. Customers sending electronic payments through the AvidPay Network can also generate cost savings by capitalizing on early payment rebates.
Automating the full invoice to payment process allows staff to focus on more impactful initiatives rather than manual tasks. According to a recent whitepaper from AvidXchange and Levvel Research, organizations that have automated AP processes recognized reduction in paper invoice volume, quicker approvals and greater sightlines into invoice lifecycles and historical and unpaid invoices. Research results also reported that these benefits contribute to increased business control, lower financial risk and greater accuracy in financial forecasting, enabling AP staff members to maximize the value they bring to their organizations.
To learn more about the impact of AP automation on today’s businesses, download the full white paper here: Embracing Automation to Transform Accounts Payable Processes
Click HERE for more information on how SAP Concur and AvidXchange are working together.
Founded in 2000, AvidXchange transforms the way companies pay their bills. Trusted by more than 5,500 customers throughout North America, AvidXchange is the industry leader in automating invoice and payment processes across the real estate, HOA, construction, and healthcare industries. AvidXchange is distinguished as a global fintech unicorn and one of the fastest growing technology companies in the U.S., offering a complete solution designed to help mid-market businesses modernize operations and embrace the future of finance. For more information, visit www.AvidXchange.com.
Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “project,” “predict,” “should” and “will” and similar expressions as they relate to SAP are intended to identify such forward-looking statements. SAP undertakes no obligation to publicly update or revise any forward-looking statements. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect SAP’s future financial results are discussed more fully in SAP’s filings with the U.S. Securities and Exchange Commission (“SEC”), including SAP’s most recent Annual Report on Form 20-F filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates.