The B2B payments space has seen significant growth thanks to developers that often focus either on the accounts receivable or accounts payable side of cash management. A new partnership in the industry, however, brings both AR and AP management together.
Their partnership means Billtrust business users, which are offered billing, invoice and cash positions solutions, have access to AvidXchange's AP automation solutions, a result of the firms' shared focus on automation and digitization.
"Automation of key financial processes has becomes essential due to the considerable impact on improving working capital," said Billtrust CEO Flint Lane in a statement released today. "AvidXchange represents the newest addition in our comprehensive suite of innovative payment cycle management solutions.
"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," Lane continued.
AvidXchange's eInvoice management and payment applications are now accessible for Billtrust users that are looking to enhance electronic accounts payable efficiencies. The firm provides payment and invoice approval mechanisms that can be customized for users' specific needs in spend management.
"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," said AvidXchange CEO and co-founder Michael Praeger.
The companies added that they will immediately launch an educational service for Billtrust customers to learn about AvidXchange's offerings.