Customers can access their account information and pay bills 24/7 through an online portal. Allow your staff to utilize technology to work more efficiently.Ĭustomer service staff can provide top notch service when every scrap of customer account information is available from a single customer service screen. Significantly increase customer satisfaction and service., andĢ.
#AVIDXCHANGE CASHFLOW MANAGER SOFTWARE#
Diversified Billing software is used by some 350 utilities across the county to generate more than 7 million utility bills annually.ĭiversified Billing is designed to help you accommplish two objectives.:ġ. Most of our clients actually make money using our software.Ĭontact us today to see how much you can save! We look forward to learning about how we can help your business!ĭiversified Billing is one part of an integrated suite of software that includes fund accounting, payroll, permit, purchase order and depreciation software.ĭiversified Technology has been developing and supporting utility billing software for more than 30 years. Our pricing is simple without hidden fees commonly associated with faster payment methods. The best part of our Payment program is that we pay our clients cash back on card spend every month, turning your Accounts Payable department into a profit center. We also convert most vendors over to an electronic payment method, saving tons of time and money. If you're still keying in invoice data and paying your suppliers primarily via paper checks, we can help! With PO matching and machine-learning AI that recognizes patterns in your invoices and automatically fills in missing information, your invoicing struggles are over.
We can work with your existing bank or banks and integrate seamlessly with any ERP. Our software is designed to meet your unique business needs. Operating losses decreased slightly to $ 31.8 million from $ 35 million for the same period last year.OnPay Solutions provides AP Automation solutions for organizations currently manually managing their invoice workflow approval and supplier / vendor payment processes. Purchases on invoice are financed from the company’s balance sheet.Ĭonsolidated revenue jumped 33% year over year for the six months ended June 2021 to just under $ 114 million. As vendors use this solution, the company said, revenue is generated per transaction for each advanced payment. The market for these solutions represents an additional $ 20 billion in exploitable opportunities. The company specifically mentioned its solutions, in particular its Invoice Accelerator offer, which allows invoices to be paid in parallel with factoring activities before their due date. ÂWe believe there is a significant unmet need for supplier invoice financing, with almost half of the market underserved,â AvidXchange said. The company has estimated that there are more than $ 20 billion in addressable revenue opportunities on an annual basis for both AP automation solutions and B2B payment transactions.īut beyond these basic B2B functions, the company believes it can become a strategic partner for suppliers looking to better manage their cash flow. These companies are defined as companies with annual sales between $ 5 billion and $ 1 billion. ÂWe believe, based on our analysis, that our current addressable market includes approximately 435,000 US mid-market companies and represents a significant and underserved revenue opportunity for future growth,â said AvidXchange. The dossier cited PYMNTS’s own data that 46% of PA professionals would like to implement digital PA automation solutions.Īlso Read: Automation Set Up To Shred Paper Checks ÂThe B2B payments market is changing rapidly and represents a significant opportunity for digital transformation,â the company said in its filing, where paper checks account for about 42% of the $ 25 trillion spent on B2B payments each year. In terms of mechanics, the company said that in its main business of B2B payment, suppliers submit invoices to the two-sided platform, buyers approve invoices, there is integration with accounting systems, buyers approve payments and payments are executed through the network, using vendor preferred methods.Īt the end of fiscal 2020, the company said there were more than 7,000 buyers on the platform, with more than 700,000 suppliers paid, cumulatively, from 2015 to 2020. Meanwhile, suppliers are finding value in supplier invoice financing activities. To that end, AvidXchange, focused on mid-market businesses – specifically, the way they send, receive, and handle payments – said in its S-1 file that tens of billions of dollars in potential revenue are in B2B payments still linked to the paper check.
Accounts Payable (AP) automation is only part of the B2B modernization equation.
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