AvidXchange helps construction companies, including commercial developers, general contractors and specialty trade contractors, focus more on their jobs and less on time-consuming paperwork. By integrating directly with the accounting system, AvidXchange solutions also allow businesses to maintain a single source of truth for critical data with full visibility into financials. AP departments are still in control over processes but AvidXchange assumes responsibility ingesting all invoices received, whether electronically or via mail. The full invoice-to-pay solution automates back-office processes and provides greater visibility into cash flow.
To complete the payment process, AvidPay allows businesses to make secure, timely payments through the AvidPay Network of more than 600,000 suppliers. With AvidPay, AP departments can pay bills at any time, from any location, sending funds to suppliers without the need to mail paper checks.
AvidXchange’s 400-person supplier services team maintains relationships with suppliers on behalf of the buyer, working to facilitate the transition to e-payments by offering payment options including virtual card (VC) and AvidPay Direct, an enhanced ACH payment that delivers funds directly to a bank account in only three business days. Suppliers choose from the option that best fits their needs, with the opportunity to receive funds faster electronically to keep cash flowing into their business.
Accounts Payable Automation for Construction