AvidXchange Automates Lien Waiver Management, Improves Payment Process in Leading Purchase-to-Pay Solution TimberScan
01 Junho 2023 - 8:30AM
AvidXchange Holdings, Inc. (Nasdaq: AVDX), a leading provider of
accounts payable (AP) automation software and payment solutions for
middle market businesses and their suppliers, today announced Lien
Waiver Management for TimberScan, a premium feature embedded in
AvidXchange’s full purchase-to-pay solution with a seamless Sage
300 CRE integration. With Lien Waiver Management, construction
industry professionals are offered an improved payment process by
associating the release of funds with the receipt and inspection of
the lien waiver, ultimately reducing construction project delays.
Lien Waiver Management supports all four lien waiver types
including, Partial Conditional, Partial Unconditional, Final
Conditional and Final Unconditional within the TimberScan platform.
Lien Waiver Management provides more control and greater
visibility over the lien waiver process than if executing related
tasks manually with the ability to check status in real-time in the
platform and bulk release payments based on that status. This tool
helps improve supplier relationships by ensuring parties involved
in a construction project receive payments more efficiently,
accurately and securely than if executed using manual processes and
paper checks.
“Having a truly automated, integrated lien waiver tracking
system that ties an invoice to a cash disbursement is immensely
helpful in curbing laborious requirements for tracking and
collecting payments,” said Allen Overturf, Chief Financial Officer
of Welsh Construction. “Lien waivers are a simple yet critical
piece in the payments process, and chasing paper trails can lead to
challenges. AvidXchange’s Lien Waver Management gives us a solution
that completes the full payment cycle without headache.”
“Tracking and managing lien waivers is a notorious problem in
the construction industry, as a lack of compliance in executing
these documents often holds up future payments and requires a great
deal of time and effort in chasing paper,” said Jim Campbell, Vice
President of Construction at AvidXchange. “We’re excited to launch
a solution that can help construction companies increase efficiency
and automate manual steps in their lien waiver and payments
workflows.”
To learn more, visit:
https://www.avidxchange.com/solutions/avidsuite-for-construction/
About AvidXchange® AvidXchange is a leading
provider of accounts payable (“AP”) automation software and payment
solutions for middle market businesses and their suppliers.
AvidXchange’s Software-as-a-Service (“SaaS”) based, end-to-end
software and payment platform digitizes and automates the AP
workflows for 8,800 businesses and we have made payments to 965,000
supplier customers of our buyers over the past five years.
Additionally, 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.
To learn more about how AvidXchange, and its publicly traded
parent AvidXchange Holdings, Inc. (Nasdaq: AVDX), are transforming
the way companies pay their bills,
visit www.AvidXchange.com.
Contact Olivia Sorrells
osorrells@avidxchange.com 386-848-3656
AvidXchange (NASDAQ:AVDX)
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