STP to further enhance scalability and reliability with a better user experience for supplier customers when receiving payment from buyer customers
AvidXchange Holdings, Inc., a leading provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, announced Straight Through Processing (STP) is available to high-frequency supplier customers paid through the AvidPay Network.
STP offers a more convenient and reliable process by fully automating the delivery and receipt of payment. Once the buyer customer sends a payment, the funds flow directly to a merchant processer and then are deposited into the supplier customer’s bank account making funds available faster than being issued a virtual credit card. Furthermore, because there are minimal human touchpoints required, this process is less error prone with less exception handling. Additionally, STP provides detailed remittance data via a daily remittance file for easier bookkeeping.
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“With STP, I save at least one hour each week not having to manually enter dozens of check transactions and I receive payments much faster than using paper checks sent through the mail,” said Bryce Clark, Vice President & Co-Owner of Capital Lock, Inc. “I look forward to experiencing the additional time-saving benefits when apartment turnover season approaches and know I can rely on my AvidXchange team to help with any challenges I encounter.”
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“STP is a great example of our continued dedication to the improvement of our automated AP and payment offerings for both buyers and suppliers,” said Dan Drees, Chief Growth Officer of AvidXchange. “We began exploring STP in 2020 as a result of the feedback we received from our supplier customers with a high number of payment transactions, and we expect the appetite for this to continue both from our customers and the B2B industry at-large as the world continues to evolve.”
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