B2B Payments

Avidia Debuts AR Financing Initiative

Massachusetts-based SME lender Avidia Bank wants to help small suppliers more adequately manage their cash flow, and they’re doing so with a new accounts receivable financing solution.

The bank announced Thursday (Oct. 28) that it is launching the BusinessManager program, a venture that sees Avidia Bank purchasing SMEs’ outstanding invoices so they can receive cash to cover expenses while the invoice remains unpaid. BusinessManager is an online solution, the company noted, meaning companies can submit invoice data more easily and quickly than they could through a manual, paper-based procedure.

In a statement, the bank’s President and CEO Mark O’Connell said that the invoice financing tool is an initiative to help SMEs improve their cash flow. According to Avidia, the bank can purchase outstanding receivables on an ongoing basis and directly deposit lent funds into a small business bank account.

In addition to loans, Avidia bank is providing SME customers of the new tool with a digital dashboard so business owners can manage their finances and gain visibility into outstanding receivables and financing applications.

Avidia’s new AR financing solution follows last month’s rollout of its cloud payments tool, Avidia Pay, to process payments. The technology is fueled by payment solutions company linked2pay. According to the bank, the offering is especially valuable to SMEs looking to accept multiple credit card payments without racking up significant fees.

 

To check out what else is HOT in B2B, click here.

——————————–

Latest Insights: 

The Payments 2022 Study: Building A High-Performance Payments Team For Fraud Detection, a PYMNTS collaboration with Stripe, examines how digital platforms of all sectors and sizes plan to develop their anti-fraud teams as part of their their broader growth and development strategies. Drawing from an extensive survey from approximately 250 payments heads at digital platforms in the U.S. and abroad, our study analyzes how poor anti-fraud capabilities can harm platforms’ long-term growth strategies, and how they can build high-performing teams to tackle these challenges.

TRENDING RIGHT NOW

To Top