Friday 19th July, 2019
AvidXchange has entered a strategic partnership with SAP Concur, allowing Concur Invoice customers to process electronic payments through the AvidPay Network of suppliers.
With AvidXchange's payments expertise, Concur Invoice customers will be able to offer multiple payment options to vendors, including virtual card, AvidPay Direct – a proprietary ACH+ product leveraging ACH with enhanced information – along with several other forms of ePayment settlement methods. Access to the AvidXchange integration will be available via the SAP Concur App Centre.
This partnership also gives Concur Invoice customers access to AvidXchange Supplier Services, including a team of more than 300 AvidXchange employees focused on helping vendors transition to ePayments while ensuring payments are timely and accurate. By alleviating the need to print, sign and mail paper checks, businesses using AvidPay with Concur Invoice can also focus employee time and labor on more strategic, value-add tasks.
Seamless integration between Concur Invoice and AvidXchange offers the visibility businesses need to streamline approvals and speed the transfer of funds by providing an integrated platform, rather than multiple, disparate financial applications. With the solutions' combined functionality, Concur Invoice customers in North America can better manage the AP process, optimizing cash flow and spending with insight across the complete AP and payment lifecycle. Customers sending electronic payments through the AvidPay Network can also generate cost savings by capitalizing on early payment rebates.
Automating the full invoice to payment process allows staff to focus on more impactful initiatives rather than manual tasks. According to a recent whitepaper from AvidXchange and Levvel Research, organisations that have automated AP processes recognised reduction in paper invoice volume, quicker approvals and greater sightlines into invoice lifecycles and historical and unpaid invoices. Research results also reported that these benefits contribute to increased business control, lower financial risk and greater accuracy in financial forecasting, enabling AP staff members to maximize the value they bring to their organisations.