AvidXchange Holdings, Inc. (Nasdaq: AVDX), a provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, announced Lien Waiver Management for TimberScan, a premium feature embedded in AvidXchange’s full purchase-to-pay solution with a seamless Sage 300 CRE integration.
With Lien Waiver Management, construction industry professionals are “offered an improved payment process by associating the release of funds with the receipt and inspection of the lien waiver, ultimately reducing construction project delays.”
Lien Waiver Management supports “all four lien waiver types including, Partial Conditional, Partial Unconditional, Final Conditional and Final Unconditional within the TimberScan platform.”
Lien Waiver Management reportedly “provides more control and greater visibility over the lien waiver process than if executing related tasks manually with the ability to check status in real-time in the platform and bulk release payments based on that status.”
This tool helps “improve supplier relationships by ensuring parties involved in a construction project receive payments more efficiently, accurately and securely than if executed using manual processes and paper checks.”
Allen Overturf, Chief Financial Officer of Welsh Construction, said:
“Having a truly automated, integrated lien waiver tracking system that ties an invoice to a cash disbursement is immensely helpful in curbing laborious requirements for tracking and collecting payments. Lien waivers are a simple yet critical piece in the payments process, and chasing paper trails can lead to challenges. AvidXchange’s Lien Waver Management gives us a solution that completes the full payment cycle without headache.”
Jim Campbell, Vice President of Construction at AvidXchange, said:
“Tracking and managing lien waivers is a notorious problem in the construction industry, as a lack of compliance in executing these documents often holds up future payments and requires a great deal of time and effort in chasing paper. We’re excited to launch a solution that can help construction companies increase efficiency and automate manual steps in their lien waiver and payments workflows.”
As covered, AvidXchange is a provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers.
AvidXchange’s Software-as-a-Service (SaaS) based, end-to-end software and payment platform digitizes and “automates the AP workflows for 8,800 businesses and we have made payments to 965,000 supplier customers of our buyers over the past five years.”
Additionally, AvidXchange, Inc. is “a licensed money transmitter for US B2B payments, licensed as a Money Transmitter by the New York State Department of Financial Services, as well as all other states that require AvidXchange to have a license.”