B2B Payments

Avidia Bank Launches Cloud-Based Payments Solution

Central Massachusetts-based Avidia Bank is launching a new cloud-based platform called Avidia Pay for processing payments.

The technology, which is being powered by ACH and credit card payment solutions provider linked2pay, allows the bank to deploy card and ACH solutions for merchants, associations and other banks, according to a press release issued yesterday (Sept. 22).

“With Avidia Pay, we offer innovative solutions that are ideal for organizations looking to instantly improve their payment acceptance,” said Mark R. O’Connell, President and CEO of Avidia Bank. “And at the same time we empower our ISO partner network by giving them better merchant solutions from end-to-end.”

The solution’s utility is especially applicable in a SMB setting where a merchant is trying to seamlessly accept multiple credit card and payment solutions without paying a high payment processing fee. This is where Avidia Pay’s functionality can power payments processing for the merchant by fitting in its “all-in-one” cloud solution, which gives the merchant multiple ways to accept credit card and ACH payments.

Avidia Pay’s functionality also allows merchants to accept payments in person, by mail, phone or third-party websites, send invoices and remind them of pending payments by sending out automated email reminders, and receive periodic payment reports from Avidia.

In an almost Square-like style, Avidia Pay’s software solution can also be used on iOS powered devices to process payments using a credit card reader.

For the consumers, Avidia Pay gives access to payments history and the ability to send merchant payment receipts.

The launch of Avidia Pay is yet another step by the $1.2 billion bank to ramp up its cloud-based mobile payment offerings.

Last month, the bank launched cardless ATMs powered by FIS, which dispense cash by scanning a QR code from the customer’s mobile phone.

With this, the bank is now in the ranks of a select few other banks, like Wintrust and BMO Harris, who are currently employing the new technology.

To check out what else is HOT in the world of payments, click here.

 

——————————–

Latest Insights:

Our data and analytics team has developed a number of creative methodologies and frameworks that measure and benchmark the innovation that’s reshaping the payments and commerce ecosystem. The September 2019 AML/KYC Tracker Report provides an in-depth examination of current efforts to stop money laundering, fight fraud and improve customer identity authentication in the financial services space.

TRENDING RIGHT NOW

To Top