AvidXchange Offers Straight Through Processing Capability to Automate Delivery and Receipt of Payments

AvidXchange Holdings, Inc, a provider of accounts payable automation software and payment solutions for middle market businesses and their suppliers, today 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.

“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.”