AvidXchange protects suppliers from fraud with new security features
AvidXchange, the leading provider of accounts payable (AP) and payment automation solutions for the middle market, is experiencing record high e-payment adoption rates in the AvidPay Network as businesses look to pay bills remotely and reduce their reliance on shipping and mailing services. More than 300,000 of AvidXchange’s +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.
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To help protect its suppliers from payments fraud and security threats, AvidXchange released new functionality for Cashflow Manager, a small business solution designed to support accounts receivable processes by providing suppliers with visibility into transactions within the network. Cashflow Manager 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.
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Cashflow Manager also offers suppliers access to AvidXchange’s Invoice Accelerator service to expedite eligible invoices for electronic payment in as little as 24 hours. An enhanced automatic acceleration feature makes it even easier to fast track funds, allowing suppliers to better control their cash flow and receive payments when their business needs them.
“As the owner of a company, cash flow is the hardest part to adjust, especially in our busy season, so timing our payments with AvidXchange makes it easy,” said David Tuccio, Owner of Precision Landscape Management. “Invoice Accelerator helps us get paid on time or even early and Cashflow Manager saves us about 30 percent of the time we used to spend following up with customers on payment.”
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