AvidXchange, a U.S. fintech that provides accounts payable and automated payment solutions to midsize businesses, announced on Tuesday its AvidPay Network has experienced record high e-payment adoption rates as businesses look to pay bills remotely and reduce reliance on shipping and mailing services.
According to AvidXchange, more than 300,000 of AvidXchange’s over 680,000 suppliers are now accepting e-payments, and supplier enrollment in enhanced ACH option AvidPay Direct (APD) has increased more than 30 percent over the last two months as AP teams look for more secure, reliable ways to make and receive payments.
“With more than 680,000 suppliers, the AvidPay Network is the largest payments network for the middle market offering multiple payment options for suppliers and one of the highest e-payment adoption rates in the U.S. By eliminating paper checks and transitioning to e-payments, suppliers benefit from increased security and visibility, backed by AvidXchange’s 400-person supplier services team to help them get paid quickly and efficiently.”
Christina Quaine, Chief Information Security Officer at AvidXchange, further stated:
“With e-payments, you know exactly when and how the money will arrive and that it will make it to your bank account securely, which is critical in our current environment with much of the workforce operating remotely and fraud attempts on the rise.”
AvidXchange also reported in order to help protect suppliers from payments fraud and other security threats, it has released new functionality for Cashflow Manager, which is a small business solution designed to support accounts receivable processes by providing suppliers with visibility into transactions within the network. Cashflow Manager may now automatically alerts users when bank account information or personal data is changed to help mitigate risk, unauthorized access to payments, and unapproved attempts to redirect funds.