CHARLOTTE, N.C., Oct. 8, 2013 (GLOBE NEWSWIRE) -- AvidXchange has experienced record growth in 2013, and the adoption of automated payments by existing and new clients has greatly attributed to this growth. In the last six months AvidXchange has experienced a 90% growth in the number of West Coast clients utilizing AvidPay, their electronic business bill payment service, and an equivalent growth with their utility bill payment service, AvidUtility. The hallmark of AvidPay is that it completely eliminates paper checks and all of the manual processes associated with them from clients' payment processes. Another great benefit of AvidPay is that AvidXchange has a dedicated vendor team that identifies vendors' accepted payment types and manages vendor payment information. For utility payments clients can also utilize the AvidUtility solution to benefit from a no late fee guarantee, reporting and analytics to gain visibility into usage and spending and become ENERGY STAR certified.
Over 70% of the vendors in AvidXchange's payment network accept electronic payment methods due to all of their benefits, namely expedited payments. However, for vendors that do not currently accept electronic payments, and need to be issued a check, they can rely on AvidXchange's West Coast check printing facility now as part of AvidXchange's growing regional check printing strategy to facilitate timely payments for clients throughout the United States.
"Reduction in mailing time equates to savings in relationship to late fees and early payment discounts, which has become increasingly important given the cut backs that the United States Postal Service has made over the last few years," commented Shirley Harmon, Corporate Controller for Voit Real Estate Services. "Since we are located on the West Coast most of our vendors are located on the West Coast, and we are ecstatic that AvidXchange now has a West Coast printing facilitate to expedite the remaining vendors we have that only accept check payments," added Harmon.
AvidXchange has had an East Coast check printing facility since they began offering their payment service, but several factors attributed to their need for a West Coast check printing facility. One key contributing factor is the Postal Service. In August the U.S. Postal Service reported a year-to-date net loss of $3.9 billion. This year alone the Postal Service consolidated 104 mail processing facilities, reduced the operating hours of 7,397 Post Offices, and reduced the total work hours for employees by approximately 71 million. As a result, mail is taking longer to circulate.
Since AvidXchange is in the payment industry, it is imperative that vendors receive payments on time. The majority of their payments are utility payments, which are exceptionally time sensitive to avoid hefty late fees. Due to the lag in mail delivery times as a result of Postal Service constraints the need arose to explore options for multiple printing locations to facilitate check payments in a more timely fashion. The 90% growth in West Coast payment clients in the last six months created a clear need for a West Coast printing facility to accommodate the projected payment volume from these clients and ensure timely receipt of check payments for vendors. The West Coast printing facility is currently in operation, and is being utilized for check payments for existing AvidPay clients, and is also available to all new clients.
AvidXchange revolutionizes the way companies pay their bills. Accounts Payable automation increases control and visibility into the bill payment process to reduce processing time, allow early payment discounts and eliminate late fees. Automation eliminates paper by electronically capturing invoices, using intelligent business rules to route invoices for approval and storing all information electronically providing anytime, anywhere access to invoice status and history. AvidXchange makes it easy to automate and backs this great customer experience with a 45-day implementation guarantee. As the first SaaS technology vendor to automate invoice processing, AvidXchange works with suppliers to electronically send and receive all invoices through the AvidBill Network. Standard integration to more than 40 accounting systems speeds adoption and simplifies setup. AvidInvoice significantly reduces operating costs and improves productivity in a company's accounts payable department. AvidPay eliminates 100% of paper checks from company's payment processes, maintains vendor information and payment preferences, and facilitates payments for every invoice, every vendor, and every bank. Headquartered in Charlotte, North Carolina, AvidXchange is privately held with over 150 employees nationwide. Contact us at 800.560.9305/ info@AvidXchange.com.
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