AvidXchange has transformed how companies make payments by automating their invoice and bill payment systems. Safe, secure and smart, VCN technology reduces costs, improves productivity and eliminates paper invoices and checks. To develop this new process, AvidXchange utilized the strengths of both its partner companies.
Comdata adopted an energized, entrepreneurial approach to problem-solving and supported implementation, allowing AvidXchange to scale and automate the process. MasterCard provided a solid, proven payments infrastructure and a centralized global network that integrates seamlessly with Enterprise Resource Planning (ERP) systems.
With the success of VCN, AvidXchange plans to continue introducing the process to companies across the U.S. While roughly half of settlements are being made by electronic payment methods in 2015, AvidXchange CEO Michael Praeger predicts these electronic methods will grow to 84% of all payments by 2018.