AvidXchange: Switch to an AP Process You Can Count On

AvidXchange began its journey from Charlotte, North Carolina, in the year 2000 with a simple mission in mind: Transform the way companies pay their bills and free up their AP from all that paperwork. The company has grown quite a bit since then, continuously expanding its team, its footprint and its capabilities to become industry leaders in AP automation.

But how does AP Automation help? Accounts payable (AP) automation helps reduce the manual tasks and paper commonly required to process invoices and pay bills. Typically, AP automation solution or service providers use software that helps enable users to process invoices and pay them electronically over the Internet. The combination of software and services converts invoices into digital formats, organizes the invoices within the system, routes them for approvals and issues payments to suppliers once authorized. Automating AP not only helps eliminate paper; it streamlines the process and provides 24/7 visibility into the status of invoices, approvals and payments.

Today, AvidXchange helps more than 7,000 North American companies cut costs, improve visibility and increase efficiencies. AvidXchange has earned the trust of more than 700,000 suppliers paid through its AvidPay Network over the last five years, processing over $145 billion in spend management in 2020. And they have become one of the fastest-growing technology companies in the U.S., all by making its customers' business their business.

"At AvidXchange, we define success as pursuing your passion. Our passion is inspiring businesses to realize the true value of accounts payable and payment automation by eliminating paper invoices and paper checks," said Mike Praeger, CEO and Cofounder of AvidXchange.

AvidXchange prides itself on being proactive forward-thinkers for its customers – disruptors – who thrive on continuous transformation and drive results. The team at AvidXchange is relentless in solving problems and always restless to grow. They keep score, because it matters. And, while they take personal ownership of their everyday work, they recognize that they only win as a team. It’s not a "me" thing – it's a "we" thing.​

"I am saving roughly one week per month by using AvidXchange and able to focus on the other aspects of my job. Now I push one button and the payment is processed and off to the vendor," said Maggie J., Office Manager at Ridgeline Construction.

For Banking

AvidXchange helps banks and financial services providers take back their time with a suite of scalable accounts payable software solutions. Increase efficiency, reduce risk and gain visibility – all without giving up control. The company's invoice-to-pay solution eliminates the paper chase costing a team time and money.

The company's invoice management solution is built to automate every aspect of a process including data entry, approvals, document management and reporting. Once approved, invoices flow directly into your accounting system for payment processing. With automated invoice processing all the invoices can be automatically coded, assigned to the appropriate workflow, and routed electronically for approval – no matter how many a bank has.

The company's completely automated invoice management software streamlines the entire AP process, while matching the current approval process that you have in place today. AvidXchange's accounts payable software doesn't replace an existing accounting system. Instead, they built integrations between the industry-leading AP automation solutions and the most popular accounting software systems for the middle-market.

AvidPay is AvidXchange's full-service bill payment software. Trade in paper, stamps, and wasted time for a few simple clicks to pay all of the vendors without worry. This way suppliers can get paid faster with flexible, managed payment options like Mastercard, AvidPay Direct (the company's Enhanced Direct Deposit option) or check.

Impacting Communities

AvidXchange is a tech company through and through, and it is passionate about removing barriers to careers in technology. The company believes that this starts before you submit your first resume, before you fill out your first college application. It starts with having resources and social capital throughout your education, especially in terms of accessing the tech industry. AvidXchange's signature program is called Tech Rising. It is located in Charlotte, NC, and focuses on creating economic mobility opportunities for youth and young adults. The company is truly committed to bridging the digital divide and creating paths to technology careers. "Through the AvidXchange Foundation, we are chipping away at the technology barriers to bridge the digital divide and help create economic mobility for youth and young adults in our community," said Michael Praeger, Chief Executive Officer and Co-Founder.

Michael Praeger, Chief Executive Officer and Co-Founder

Since starting AvidXchange more than 20 years ago, Michael has led the company's growth to more than 1,500 employees, 6,000 customers and 680,000 suppliers nationwide.

Michael is currently active in the Young Presidents Organization (YPO) and serves on the advisory board of the North Carolina Technology Association (NCTA). He is also a board member of Charlotte City Center Partners, Kare Partners, and Eliminate the Digital Divide (E2D). 

Michael received his B.S.B.A. in Finance from Georgetown University and is a graduate of the “Birthing of Giants” executive entrepreneurship program at MIT.

"AvidXchange has earned the trust of more than 700,000 suppliers paid through its AvidPay Network over the last five years, processing over $145 billion in spend management in 2020."