Billtrust, the leader in Payment Cycle Management, and AvidXchange, a leading software provider of Accounts Payable (AP) and Payment Automation solutions, announce a strategic partnership that enables Billtrust customers to streamline their AP processes with a best-in-class automation solution. Billtrust and AvidXchange share a common goal of creating efficiencies for businesses through automation of key financial processes, and this partnership gives Billtrust's customers the opportunity to implement an automated AP solution that drives operational ROI to the bottom line.
"Automation of key financial processes has become essential due to the considerable impact on improving working capital. AvidXchange represents the newest addition in our comprehensive suite of innovative Payment Cycle Management solutions," said Flint Lane, CEO of Billtrust. "With this partnership, Billtrust brings the same standard of automation expertise to AP functions we have done successfully with our clients in the AR space."
The partnership will give Billtrust's clients access to AvidXchange's Invoice and Payment Applications to enable them to receive, approve, and pay invoices electronically. Invoice and payment approval workflows can be customized to mimic customers' current business processes.
"AvidXchange consistently looks for other leaders within the space to align ourselves with, and Billtrust is a great example of a company that is leading the way with solutions that create operational efficiencies for their customers and we are pleased to announce our partnership with them," said Michael Praeger, CEO and Co-Founder of AvidXchange. "We are looking forward to helping Billtrust customers optimize their payables processes with our AP and Payment Automation solutions, and realize the time and monetary savings, as well as put themselves in a position to scale for growth."
Billtrust automates core areas of the invoice-to-cash process including presentment, payment, and cash application. With both organizations focusing on automation, operational efficiency and electronic adoption, the strategic solution will provide an industry-leading AP Automation solution for the B2B space, eliminating the need for paper in the AP process.