BankTEL Launches 2nd AvidPay Client!
BankTEL, an AvidXchange company, announced Dec. 18, 2019 that it has launched its second AvidPay customer, Yuba City-based River Valley Community Bank.
With: Danielle Coleman, Accounting Assistant
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.”
“We just had our first external audit with ASCEND. I scheduled a 30-minute sit-down with the auditor to look at specific items. This process would have taken about six hours before ASCEND. The auditor couldn’t get over how easy and accurate it was. She said at least 10 of her bank clients immediately came to mind, that should start using BankTEL. She took a stack of my cards, to give to the accountants at these banks, in case they wanted to call with questions.”
“I’ve been through the conversion process to new software before, and it’s usually a nightmare. Nothing balances and nothing works. But with ASCEND, things balanced and things worked. It was a very easy move.”
“With BankTEL, everything was more streamlined, there was better reconcilement, better functionality and better security on the user-side of things. It was a major step up for us.”
“Banks deal with accounting every part of every day. It’s a core part of the business. To be able to maneuver through the system and have the detail of records, the tracking and reporting that are available at BankTEL, was long overdue. Ascend is leagues ahead of where we were previously.”
“One thing I like about BankTEL is that they always want to know what you want and how they can make their product better. They like to listen to customers.”