As small and medium sized businesses continue to grow globally, they need partners to help them manage the different challenges that come with this expansion — particularly international payments.
That’s why AvidXchange (Nasdaq: AVDX), a leading provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, launched a Cross-Border Payments solution powered by Wise Platform.
How this solution works
This industry-leading embedded payment experience provides U.S.-based AvidXchange customers with a more convenient payment process by allowing them to pay both domestic and international suppliers all without leaving the platform.
With this fully automated accounting process AvidXchange customers have better visibility into foreign exchange fees and any gains or losses, giving them more control over costs and cash flow from the beginning.
In doing so, these businesses have the ability to save time and money with their payment processes by reducing the amount of manual work required to print paper checks and keep track of costly international wire fees. Plus, by allowing a singular platform to handle accounting and payment tasks, the process to pay international suppliers is more secure than sending important documents in the mail or sharing bank account information across multiple accounting systems.
“Partnering with Wise to provide our customers with best-in-class international payment capabilities was an easy decision because of their market-leading platform and seamless integration capabilities,” said Dan Drees, Chief Growth Officer of AvidXchange. “Together, we stand firm as leaders and remain dedicated to making our customers’ payments process more efficient regardless of country lines.”
“Current systems don’t allow businesses to easily send, spend or receive money internationally. Through our collaboration with AvidXchange, Wise is helping businesses gain access to a faster, more cost-effective and seamless way to manage finances with domestic and international suppliers in multiple currencies and countries,” said Steve Naude, Head of Wise Platform. “With 50% of Wise’s transfers sent instantly, always at the mid-market rate, AvidXchange customers can now have confidence knowing they are saving time and money with each transaction.”
Wise Platform is live with over 50 banks and businesses who have integrated the power of Wise — embedding the best way to move money internationally all from within its existing infrastructure. With a dedicated implementation team consisting of delivery, engineering, customer and product specialists, Wise Platform works collaboratively with partners like AvidXchange to seamlessly integrate the Wise APIs into partner and user interfaces.
AvidXchange, Inc. is a licensed money transmitter for US B2B payments, licensed as a Money Transmitter by the New York State Department of Financial Services, as well as all other states that require AvidXchange to have a license.