The Silicon Review
AvidXchange revolutionizes the way companies pay their bills by automating invoice and bill payment processing. It is automation experts and has been automating companies’ bill pay processes to reduce costs, improve productivity and eliminate paper from their bill payment process. Its team of automation experts can automate your bill pay process in 45 days—guaranteed! AvidXchange provides accounts payable solutions that streamline invoice capture, intelligently routes approvals and automates payments reducing costs, improving productivity and eliminating paper from the process.
Over the last 18 years, AvidXchange has been on an incredible journey, and an integral part of its journey has been the addition of customers, team members, solutions, partners, and culture from EnergySolve, Piracle, and Strongroom. Each brand has been carefully woven into the AvidXchange brand, and it is pleased to move forward with one unified presence giving customers, partners, and employees access to more resources and solutions than ever before.
Complete Solution for AP & Payment Automation
Purchase Order Software
AvidXchange specializes in automating the purchase-to-pay process with a great blend of software and services. AvidXchange’s Purchase Order Application is a comprehensive, web-based solution that enables you to automate your company’s purchase order process and control costs by preventing unwanted purchases.
Its purchase order software allows you to create requisitions for goods and services to speed up the buying process. Its application automatically sends the order to the vendor and the invoice to your inbox. Recycle the cabinets and folders because its software matches your invoice with the request to keep your department organized. Combine the Purchase Order software with AvidXchange’s Invoice solution to match the purchase order with the invoice to create a seamless process when data is exported to your trusted accounting system. The Purchase Order Application standardizes purchasing patterns while keeping track of purchasers and products for effective spending and saving.
Invoice Management Software
Put paper invoices, and all of the headaches that come with them, in the past. Your suppliers will have options for submitting invoices to AvidXchange so that it will be convenient for them. They can email invoices directly to AvidXchange with an inbox created specifically for your company, or they can continue to mail paper invoices to us.
Regardless of how they choose to submit invoices, AvidXchange manage that entire process for you, so now you have all of the information that you need right at your fingertips electronically in its invoice management software.
Bill Payment Software
AvidXchange’s full-service bill payment software offerings are available along with AvidXchange payment services.
You select payments from your accounting system just like you do today, but instead of selecting them for print, you select them to pay. Payments are then transmitted to the E Payment Application and your optimized payment process begins. Based on your company’s current approval processes, payment files are routed to approvers for final approval before they are transmitted to vendors.
Once approved, all payments are debited from your company’s bank account(s) to a trust account for secure funding. Verified funds are then easily distributed to vendors. Your company’s accounting system remains your system of record, and you will receive files with all the payment information your company needs for a reconciliation of payments.
Trade in the paper, stamps, and hours for a few simple clicks to pay all of your vendors without worries. Use your trusted accounting system with its Payment Application process payments. AvidXchange provides a clear-cut, cost-effective, check writing experience for you to pay with ease. Its software generates a secure, MICR check with automated, encrypted signatures on your behalf. After payment is approved, the check is routed to your vendor’s verified bank account. Its payment forms – ACH, EFT, and wire – cut the cost of checks, time, and hassle. Create-A-Check offers protection with payment approval and Positive Pay to eliminate fraud and suspicion.
AvidXchange Customer Ecosystem
Words from the Chief:
“Over the years we've been helping companies automate their AP processes. A key part of the AP process is the relationship between a company (the buyer) and its suppliers.
We help companies to receive invoices electronically from their suppliers, and then to pay them electronically with our services. Through this process, we have developed a network of over 300,000 suppliers that we are receiving invoices from, or making payments to, on behalf of the companies that we serve. This supplier network has become an integral part of our customer ecosystem. As we move forward as a company we want to be able to offer the suppliers in this network with additional software and services to enhance their experience in the same way that we have for our customers that have fulfilled the buying role. Below are the benefits that both the buyer and supplier receive throughout the automated AP and payment process with AvidXchange.”
Michael Praeger, CEO, Co-Founder, & Board Member: Since founding AvidXchange in 2000, Michael has been an active participant and speaker on “payables and payment automation” at various industry conferences and considered a thought leader within the industry in developing creative solutions and best practices for payables and payment automation.
Michael has spent the last 20 years founding, managing, merging and selling technology and web services-related companies. He received a B.S.B.A. in Finance from Georgetown University. Michael is also a graduate of the “Birthing of Giants” executive entrepreneurship program at MIT.