River Valley Community Bank, based in Yuba City Calif., launched AvidPay, AvidXchange’s automated payment solution, in early December, and Danielle Coleman, accounting assistant at River Valley, is already feeling a difference.
“When I went to the 2019 BankTEL User Conference and heard about AvidPay, I thought, ‘This is a no-brainer,’ Coleman said. “For less than 54 cents, the cost of a postage stamp, they can produce the checks, and I don’t have to stuff envelopes or lick them or put postage stamps on them or drive to the post office. This is easy!”
River Valley, which operates three branches and plans to open a fourth location in 2020, issues about 100 checks a month and has about 281 vendors, Coleman said.
In the span of a month, AvidXchange was able to set up AvidPay. The process was easy, especially since River Valley is already using ASCEND, BankTEL’s fully automated Accounts Payable solution. AvidPay is deeply integrated with ASCEND.
Through AvidPay, vendors can transition from checks to e-payment options like virtuals cards, increasing security and control over payments while reducing costs associated with paper checks.
Coleman, meanwhile, can see that the invoices are being paid, in some cases within five days.
“It’s so weird now, when I’m doing my Accounts Payable, I will finish so quickly and I’m like “I’m done?” she said. “It’s saving me at least a couple hours a week.”
The launch came at the right time. December is the busiest time of the year for Coleman, as the bank, like other businesses, tries to wrap up things before the year.
When asked if she would recommend to other financial institutions, Coleman said: “To me it’s just a question of what’s your time worth to you? And it’s not just your time. The cost of one check, the printed envelope, the check stock, the stamp, your time to stuff those envelopes and then go to the post office. That’s way more than 54 cents.”